CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2010
可乐鸡翅热量HISTORY OF THE FRAMEWORK |
April 1989 | Framework for the Preparation and Prentation of Financial Statements (the Framework) was approved by the IASC Board 清蒸鲑鱼 |
July 1989 | Framework was published |
April 2001 | Framework adopted by the IASB.小孩腿疼 |
September 2010 | Conceptual Framework for Financial Reporting 2010 (the IFRS Framework) approved by the IASB |
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杜拉拉升职记床戏PURPOSE AND STATUS OF THE FRAMEWORK
The IFRS Framework describes the basic concepts that underlie the preparation and prentation of financial statements for external urs. The IFRS Framework rves as a guide to the Board in developing future IFRSs and as a guide to resolving accounting issue
s that are not addresd directly in an International Accounting Standard or International Financial Reporting Standard or Interpretation.
In the abnce of a Standard or an Interpretation that specifically applies to a transaction, management must u its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for asts, liabilities, income, and expens in the IFRS Framework. This elevation of the importance of the [IFRS] Framework was added in the 2003 revisions to IAS 8.
食品营养与检测THE IFRS FRAMEWORK
Scope
The IFRS Framework adress:
∙the objective of financial reporting
∙the qualitative characteristics of uful financial information
∙the reporting entity
∙the definition, recognition and measurement of the elements from which financial statements are constructed
∙concepts of capital and capital maintenance
[IFRS Framework, Scope]
Chapter 1: The Objective of general purpo financial reporting
The primary urs of general purpo financial reporting are prent and potential investors, lenders and other creditors, who u that information to make decisions about buying, lling or holding equity or debt instruments and providing or ttling loans or other forms of credit. [FOB2]
The primary urs need information about the resources of the entity not only to asss a
n entity’s prospects for future net cash inflows but also how effectively and efficiently management has discharged their responsibilities to u the entity’s existing resources (i.e., stewardship). [F OB4]
The IFRS Framework notes that general purpo financial reports cannot provide all the information that urs may need to make economic decisions. They will need to consider pertinent information from other sources as well. [F OB6]
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The IFRS Framework notes that other parties, including prudential and market regulators, may find general purpo financial reports uful. However, the Board considered that the objectives of general purpo financial reporting and the objectives of financial regulation may not be consistent. Hence, regulators are not considered a primary ur and general purpo financial reports are not primarily directed to regulators or other parties. [F OB10 and F BC1.20-BC 1.23]
Information about a reporting entity’s economic resources, claims, and changes in resources and claims杭州就业
Economic resources and claims
Information about the nature and amounts of a reporting entity’s economic resources and claims assists urs to asss that entity’s financial strengths and weakness; to asss liquidity and solvency, and its need and ability to obtain financing. Information about the claims and payment requirements assists urs to predict how future cash flows will be distributed among tho with a claim on the reporting entity. [F OB13]
A reporting entity’s economic resources and claims are reported in the statement of financial position. [See IAS 1.54-80A]
Changes in economic resources and claims
Changes in a reporting entity’s economic resources and claims result from that entity’s performance and from other events or transactions such as issuing debt or equity instruments. Urs need to be able to distinguish between both of the changes. [F OB15]
Information about a reporting entity’s financial performance during a period, reprenting changes in economic resources and claims other than tho obtained directly from investors and creditors, is uful in asssing the entity’s past and future ability to generate net cash inflows. Such information may also indicate the extent to which general economic events have changed the entity’s ability to generate future cash inflows. [F OB18-OB19]
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