The IASB's Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements which external users are likely to rely on when making economic decisions about an entity. Also contained within the Framework are the definitions of, and recognition criteria for, the five elements related to the financial position and performance of the entity.

The IASB's Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements which external users are likely to rely on when making economic decisions about an entity. Also contained within the Framework are the definitions of, and recognition criteria for, the five elements related to the financial position and performance of the entity.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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These are used by the FASB, and it is a set of concepts that guide financial reporting.
Define the elements of financial statements identified in SFAC No. 3 and SFAC No.6.
Differentiate between public sector and private sector as regard reporting financial statement.
In the conceptual framework, the second level consist of a. Financial statements elements b. Financial reporting objectives c. Measurement concepts d. All of the above
General-purpose financial statements are prepared primarily for: a. internal users. b. external users. c. auditors. d. government regulators.
According to the new Conceptual Framework, who among the following are primary users of financial reports? I. Existing and/or potential creditors; II. Shareholders; III. General public a. I and II b. I and III c. II and III d. All of the above
If an entity prepares restated financial statements in accordance with the requirements of IAS29, the gain or loss on the entity's net monetary position is shown in other comprehensive income. True False
Describe the primary goals of an entity's financial statement audit and the significance of employing standards in this process.
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