【学习笔记】Cp2 conceptual framework for financial reporting LO describ ...

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Cp2 conceptual framework for financial reporting
LO
describe the usefulness of a conceptual framework
understand the objective of financial reporting
identify the qualitative characteristics of accounting information
define the basic elements of financial statements
describe the basic assumptions of accounting
explain the application of the basic principles of accounting
describe the impact that the cost constraint has on reporting accounting info



conceptual framework
-need.  development. overview

first level. basic objective

second level. fundamental concepts
-qualitative characteristics
-basic elements

third level. recognition and measurement concepts
-basic assumptions
-basic principles
-cost restraint
-summary of the structure

LO1
A conceptual framework establishes the concepts that underlie financial reporting
need for C.  F
enables the FASB(IASB) to issue more useful and consistent pronouncements over time ; a coherent set of standards should result
enhance comparability among companies\' financial statements
able to more quickly solve new and emerging pratical problems for refering to an existing framework of basic theory

the objective of general-purpose financial reporting
- provide financial information about the reporting entity that is useful to present and potential,equity investors, lenders and other creditors in making decisions about providing resources to the entity

fundamental concepts
decision-usefulness -by determining which alternative provides the most useful information for decision-making purposes
fundamental qualities
-relevance
-faithful representation

enhancing qualities.
comparability/verifiability/timeliness/understandability

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关键词：conceptual financial Framework Reporting inancial