Page 26 - FINAL CFA SLIDES DECEMBER 2018 DAY 7

Session Unit 6:
23. Financial Reporting Standards

LOS 23.d: Describe the International Accounting Standards Board’s conceptual framework,

including the objective and qualitative characteristics of financial statements, required

reporting elements, and constraints and assumptions in preparing financial statements, p.29

Constraints, p.30:

• Cost-benefit trade off

• Non-quantifiable information not included

Assumptions, p.30:

• Accrual accounting

• Going concern