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The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), has ventured on a project to reconstruct the bases of financial accounting by retooling the Conceptual Framework. The Conceptual Framework is similar to a charter for…
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Download file to see previous pages International Financial Reporting Standards (IFRS) are touchstones, explanations and the Framework for the Preparation and Presentation of Financial Statements of corporations. The objectives of financial reporting can be bifurcated into General Objectives, Derived Company Objectives, Derived External User Objectives and Specific Objectives. The general objectives of any financial reporting is to provide the present and possible capitalists, creditors and other users with information which may be useful for them to make lucid investment, credit, and comparable decisions. Derived external user objective provides useful information so that potential investors can calculate the amount and time to make their investment. Through the financial statements the investors, creditors and others can assess the future net cash inflows to the company. The specific objectives are to provide the company about its cash flows, its complete income and the various components of such income and also the company’s economic resources, obligations, and owners’ equity (Nikolai Bazley Jones, 2009).
Even though a printed annual report contains data about programs, new products, proposed capital expending etc., this is normally showed in such a way that it is certainly assorted from the regular financial statements (Mautz and Sharaf, 1961, 170-171).
The amount of information which has to be presented should help the users to take decisions and form opinions (Flint, 1982, 15). Apparently too much or too little detail may be detrimental (Mautz and Sharaf, 1961, 170). Flint (1982, 15) states that basic queries in financial reporting are ”from which users´ standpoint have the accounts to be considered” and what degree of agreement is to be accepted on the part of those who have to figure notions and take decisions.
The IASB framework keys out the fundamental concept based on ...Download file to see next pagesRead More
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