What is conceptual framework of IFRS?

a description of the reporting entity and its boundary; definitions of an asset, a liability, equity, income and expenses and guidance supporting these definitions; criteria for including assets and liabilities in financial statements (recognition) and guidance on when to remove them (derecognition);

What is the objective of the IFRS conceptual framework?

We recommend that the purpose of the Conceptual Framework should be to identify concepts that: (a) assist the IASB to develop and revise IFRSs; (b) assist preparers to develop accounting policies when no IFRS applies to a particular transaction, event or condition.

What does the conceptual framework bring to the IFRS project?

The first section notes that the Conceptual Framework’s purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to …

What is the difference between conceptual framework and IFRS?

The IFRS is recognized as the global pace setter that guides companies and business entities in a cohesive system that harmonizes financial reporting. The conceptual framework resulted in offering guidance on how financial reports are prepared and disclosed.

What are the types of conceptual framework?

The types of conceptual frameworks are taxonomy, visual representa- tion, and mathematical description. The content of conceptual frameworks include reading process, reading aptitude, and the learning-to-read process.

What are the elements of conceptual framework?

The conceptual framework is composed of a basic objective, fundamental concepts, and recognition, measurement, and disclosure concepts.

What are the features of IFRS?

Objectives of IFRS

  • #1- Create a Common Law.
  • #2 – Aid analysis.
  • #3 – Assist in preparation of reliable financial records.
  • #4 – Ensure comparability, transparency, and flexibility in reporting.
  • #1 – Financial Tool.
  • #2 – Principles and Guide.
  • #3 – Promotes Decision Making.
  • #4 – Improves Economy.

What is conceptual framework PPT?

The conceptual framework “sets the stage” for the presentation of the particular research question that drives the investigation being reported based on the problem statement. McGaghie et al. ( 2001) Purpose • Identify relevant variables • Define variables • Have an idea of analysis.

What are the three levels of conceptual framework?

The Conceptual Framework.

  • A Little History.
  • Establishment of FASB.
  • Benefits of Conceptual Framework.
  • The Three Major Levels.
  • First Level: Basic Objectives.
  • Second Level: Qualitative Characteristics.
  • Second Level: Elements.

    • Which are IFRS Standards?

    International Financial Reporting Standards (IFRS) are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements. They were developed and are maintained by the International Accounting Standards Board (IASB).