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Chapter 6

A conceptual and regulatory framework

Outcome

By the end of this session you should be able to:

 explain why a regulatory framework is needed

 explain why accounting standards on their own are not a complete regulatory
framework

 distinguish between a principles-based and a rules-based framework

 describe the International Accounting Standards Board’s (the Board’s) standard
setting process including revisions to and interpretations of standards

 explain the relationship between national standard setters and the Board in
respect of the standard setting process

 describe a conceptual framework

 discuss what an alternative system to a conceptual framework might be

 define and discuss fundamental and enhancing qualitative characteristics

 define and explain recognition in financial statements, applying the recognition
criteria to assets, liabilities, income and expenses

and answer questions relating to these areas.

The underpinning detail for this Chapter in your Integrated Workbook can
be found in Chapter 6 of your Study Text

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