conceptual framework

Question 1

what is the IASB conceptual framework?

Answer 1

was developed to lay down basic concepts and principles that help with the preparation and presentation of FS

Question 2

the IASB is different from

Answer 2

an accounting standard

Question 3

conflict between the conceptual framework and an accounting standard

Answer 3

accounting standard takes authority over the situation

Question 4

why is it needed?

Answer 4

to set out concepts that underlie the preparation and presentation of fs that are prepared for the benefit of users

Question 5

the IASB conceptual framework deals with the following matters

Answer 5

• the objective of general purpose financial reporting
• the qualitative characteristics of useful financial information
• the going concern assumption
• the concepts of capital and capital maintenance