Regulatory Framework Flashcards
Learn
• The IASB’s Framework provides general guidelines and principles for preparing financial statements (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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The underlying concepts of financial statement are going concern and accruals. (B1b)
(LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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• The qualitative characteristics of financial information are relevance and faithful representation. (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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• The enhancing qualitative characteristics of financial statements are understandability, comparability, verifiability and timeliness. (B1a) (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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• Qualitative characteristics may conflict. Where this is the case, a balance should be achieved (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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• Corporate governance is the system by which entities are controlled and directed (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
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• The directors of a company are responsible for the financial statements (LSBF)
LSBF. ACCA F3 Study Manual 2017/18. London School of Business and Finance, 20170501. VitalBook file.
What is the role of ifrs
Iasb has developed a set of global financial reporting standards to support the needsof the users of the financial statements known as
Ias- international accounting standards
Ifrs- international financial reporting standards
Standards are a set of detailed rules giving guidance on how to account for different types of transactions and events l
