Page 6 - Finac1 Test 1 slides - 2. The Conceptual Framwork
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THE CONCEPTUAL FRAMEWORK


            Outcomes






            • Identify the purpose, scope and status of the Conceptual Framework

            • Specify the users and their need for information

            • Define the objective of general purpose financial reporting


            • Define and discuss the qualitative characteristics and the enhancing qualitative
                characteristics of useful financial information

            • Define the underlying assumption of financial statements

            • Discuss the characteristics of the elements of financial statements


            • Identify items as elements of financial statements and explain why the elements
                comply with the characteristics

            • Describe the recognition criteria of an element of financial statements

            • Determine whether an item could be recognised in the financial statements


            • Specify the four different measurement bases

            • Determine in accordance with the measurement bases the value at which an
                element should be included in the financial statements

            • Describe the capital maintenance concepts and determination of profit concepts


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