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01
CHAPTER

Theoretical Framework

LEARNING OBJECTIVE(S)

Analise the meaning and scope of accounting

Explain the basic concepts, conventions and principles of accounting

Identify the qualitative characteristics of financial statements
Examine the various accounting terminologies

Identify the qualitative characteristics of financial statements

Discuss the meaning of revenue and capital receipts and expenditure and appreciate
the difference between them

Outline the criteria for determining contingent liability and contingent asset
Infer the meaning of accounting policies and when it can be changed

Outline the accounting standards are and its benefits

Explain the need for convergence with IFRS

Chapter Overview

Capital and Revenue Accounting Policies
Meaning and Scope Accounting Concepts, Expenditures and Accounting Standards
of Accounting Principles and Receipes
Conventions Contingent Asset and
Contingent Liablities Indian Accounting
Standards

Meaning, Functions Going Concern, CapEx vs Revenue Change in
and Objectives of Consistency, Accrual, Expenses Accounting Policy
Accounting Materiality etc.

Users of Financial Financial Statements Capital Receipts vs Valuation Principles,
Elements of
Statements Revenue Receipts Measurement

Provisions, Contingent
Book keeping vs Accounting Principles AS, Ind AS and its
Liabilities and
Accounting and Conventions Contingent Assets benefits

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