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2012中级财务会计第二章英文版课件FA02Conceptual_Framework_Underlying_Financial_Accounting
* * * * * * * * * * * * * * * * * * * * * 24 Concepts Underlying Financial Accounting Chapter 2 Intermediate Accounting, 12th Edition Kieso, Weygandt, and Warfield Understand the objectives of financial reporting. Identify the qualitative characteristics of accounting information. Define the basic elements of financial statements. Describe the basic assumptions of accounting. Explain the application of the basic principles of accounting. Describe the impact that constraints have on reporting accounting information. Learning Objectives Conceptual Framework Need Development First Level: Basic Objectives Second Level: Fundamental Concepts Third Level: Recognition and Measurement Basic assumptions Basic principles Constraints Qualitative characteristics Basic elements Conceptual Framework To develop a coherent set of standards and rules The Need for a Conceptual Framework To solve new and emerging practical problems Conceptual Framework The FASB has issued six Statements of Financial Accounting Concepts (SFAC) for business enterprises. Development of Conceptual Framework SFAC No.1-Objectives of Financial Reporting SFAC No.2-Qualitative Characteristics of Accounting Information SFAC No.3 -Elements of Financial Statements (superceded by SFAC No. 6) SFAC No.4 -Nonbusiness Organizations SFAC No.5 -Recognition and Measurement in Financial Statements SFAC No.6 -Elements of Financial Statements SFAC No.7 -Using Cash Flow Information and Present Value in Accounting Measurements The Framework is comprised of three levels: First Level = Basic Objectives Second Level = Qualitative Characteristics and Basic Elements Third Level = Recognition and Measurement Concepts. First level Second level Third level OBJECTIVES ASSUMPTIONS Economic entity Going concern Monetary unit Periodicity PRINCIPLES Historical cost Revenue recognition Matching Full disclosure CONSTRAINTS Cost-benefit Materiality Industry practice Conservatism ELEMENTS Assets, Liabilities, and Equity Investments
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