Page 4 - PowerPoint Presentation

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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