Page 14 - Finac1 Test 1 slides

THE CONCEPTUAL FRAMEWORK

Outcomes

• Discuss the objectives, usefulness and limitation of general purpose financial
reporting.

• Define and discuss the qualitative characteristics of useful information

• Discuss the information financial statements provides.

• Define the elements of financial statements.

• Describe the recognition criteria of the elements of financial statements.

• Determine when to derognise of all or part of a recognised asset or liability from an
entity's statement of financial position.

• Applying measurements basis to elements of financial statements.

• Consider the nature of the information that the measurement basis will produce.

• Factors to consider when selecting a measurement basis.

• Discuss presentation and disclosure objectives and principles.

• Application of classification.

• Describe the concepts of capital maintenance and the determination of profit.

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