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Advanced Accounting PDF Free Download
Advanced Accounting PDF Free Download
No. Of Pages: 891
PDF Size: 12.8 MB
Language: English
Category: EBOOKS AND NOVELS
Author: Unknown
Source: Multiple source
Advanced Accounting PDF Free Download

Summary of Advanced Accounting PDF Free Download

Learning Objectives
After studying this chapter, you will be able to:
♦ Understand the meaning of Conceptual Framework for the Preparation and Presentation
of Financial Statements.
♦ Significance of the Conceptual Framework for the Preparation and Presentation of
Financial Statements.
1.1 INTRODUCTION
The development of accounting standards or any other accounting guidelines need a
foundation of underlying principles. In July 1989, The International Accounting Standards
Committee (IASC) issued a Conceptual Framework to serve as a basis for the accounting
standards. The Accounting Standards Board of the ICAI has issued a similar framework for the
same purpose in July 2000. This framework provides the fundamental basis for development
of new standards as also for review of existing standards. The principal areas covered by the
framework are as follows:
(a) Components of financial statements
(b) Objectives of financial statements
(c) Assumptions underlying financial statements
(d) Qualitative characteristics of financial statements
(e) Elements of financial statements
(f) Criteria for recognition of an element in financial statements
(g) Principles of measurement of financial elements
(h) Concepts of Capital and Capital Maintenance

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