logo

[PDF] financial accounting | assignment

   

Added on  2019-11-14

6 Pages1504 Words145 Views
FINANCIAL ACCOUNTINGFinancial AccountingStudent’s NameCourse Code
[PDF] financial accounting | assignment_1
1FINANCIAL ACCOUNTINGIntroductionInternational Accounting Standard Board was previously known as InternationalAccounting Standard Committee before April 2001 (Iasplus.com, 2017). It was established in1973 and was the complete authority to issue international accounting standards. In 2001international financial reporting also came into its ambit (Ifrs.org, 2017). It has amended many ofthe old standards and started making new ones by itself which came to be known as InternationalFinancial Reporting Standards (IFRS). IASB is set up as Monitoring Board at the top to approveand oversee trustees followed by IFRS Foundation containing 22 trustees (Ifrs.org, 2017). Thenext layer contains IFRS Advisory Council, IASB and IFRS Interpretations Committee. And atlast it has its Working Groups.Discussion about IASB and Its GoalIASB Framework is deployed for making financial statements and standards(Iasplus.com, 2017). The main goal of IASB Framework is to provide guidance and support tothe IASB in the development of revised and renewed standards of financing and mitigating theissues which crop up in making financial statements which cannot be addressed by theaccounting standards. IASB has full discretion in developing and pursing the technical aspects ofStandards with consultation with the trustees (Iasplus.com, 2017). It has to prepare and issue theIFRS and even exposure drafts using the guidelines given in the Constitution. It also issues andapproves the Interpretations made by the IFRS Interpretation Committee. IASB is known to beassociated with the stakeholders closely all across the world (Iasplus.com, 2017). Its goals are tohave universal reception of a group of international financial reporting standards, to fulfill thestandard-setting work through a transparent and open process with publication of documentssuch as exposure drafts and discussion papers.
[PDF] financial accounting | assignment_2
2FINANCIAL ACCOUNTINGWhat is conceptual framework?In financial reporting Conceptual Framework is basically a theory of accountingcompiled by the standard making bodies such as IASB against which the problems which arefaced in practicality can be tested and tackled objectively (Iasplus.com, 2017). It is also knownas Concepts Statements which is defined as body of interrelated fundamentals and objectives.Identification is done by objectives of the aims and goals of the financial reporting andfundamentals help to achieve those objectives (Zhang & Andrew, 2014). A conceptualframework deals with the basic issues of Financial Reporting and contains the characteristic thatmakes information of accounts useful such as assets, liabilities, expenses, equity and income.This information assist in selecting the transactions, circumstances and events to be accountedfor and the method of their recognition, measurement and the format of summary and report inwhich will be presented (Zhang & Andrew, 2014). It can be stated that it is an analytical toolwith much options and variations at its disposal to make organized distinctions and frame ideasfor accounting standards. Why is conceptual framework required?In the context of financial reporting, conceptual framework includes establishment ofexact definitions that helps in financial discussions of the issues of accounting. It providesguidance required by the makers of accounting standards when they review and develop rules offinancial reporting (Eccles, Rogers & Serafeim, 2012). They establish the fact that reportingstandards are consistent internally. They help the auditors to mitigate financial reportingproblems in where there are no accounting standards for a particular issue. The most importantassistance is to decrease the number of accounting standards by giving an overarching theorywhich may be applied to all accounting standards to solve specific reporting problems. Only
[PDF] financial accounting | assignment_3

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Advanced Financial Accounting Sample Assignment (pdf)
|6
|1347
|146

Foundations of Accounting
|9
|1389
|378

Advance Financial Accounting
|14
|3845
|177

Exposure Draft ED/2013/6 Leases - International Accounting Standards Board (IASB)
|91
|36050
|208

Exposure Draft ED/2017/4: Property, Plant and Equipment—Proceeds before Intended Use
|22
|7178
|465

ACC307 Accounting Theory Assignment
|8
|2043
|45