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A Guide

The document outlines various aspects of financial reporting, including the development of frameworks and standard-setting bodies, the conceptual framework for financial reporting, and the presentation of financial statements. It covers topics such as qualitative characteristics of financial information, recognition and measurement bases, and interim and segment reporting. Additionally, it discusses the roles of different entities and challenges in financial reporting, particularly in the context of the Philippines.

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kazeyo1023
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3 views

A Guide

The document outlines various aspects of financial reporting, including the development of frameworks and standard-setting bodies, the conceptual framework for financial reporting, and the presentation of financial statements. It covers topics such as qualitative characteristics of financial information, recognition and measurement bases, and interim and segment reporting. Additionally, it discusses the roles of different entities and challenges in financial reporting, particularly in the context of the Philippines.

Uploaded by

kazeyo1023
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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ACCO 103 - CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS

GROUP 1
Development of Financial Reporting Framework and Standard-Setting Bodies
Objective of Financial Reporting
Branches of Accounting
Standard Setting Organizations
Financial Reporting Challenges
Accounting Standard in the Philippines
Financial and Sustainability Reporting Standards Council (FSRSC)

GROUP 2
Conceptual Framework for Financial Reporting (2018)
Status and Purpose of the Conceptual Framework
Objective, Usefulness and Limitations of General Purpose Financial Reporting
Economics Resources and Claims
Changes Economics Resources and Claims
Financial Performance Reflected by Accrual Accounting

GROUP 3
Conceptual Framework for Financial Reporting (2018)
Qualitative Characteristics of Useful Financial Information
Fundamental Qualitative Characteristics
Revelance
Faithful Representation
Enhancing Qualitative Characteristics
Conparability
Verifiability
Timeliness
Understandability
The cost constraint to useful financial reporting
Financial Statements
Reporting Period
Going Concern Assumption
Elements of Financial Statements

GROUP 4
Conceptual Framework for Financial Reporting (2018)
Recognition Process
Recognition Criteria
Derecognition
Measurement Bases
Historical Cost
Current Value
Measurement of Equity
Presentation and Disclosure as Communication Tools
Classification
Classification of Assets and Liabilities
Offsetting
Classification of Equity
Classification of Income and Expense
Profit or Loss and Other Comprehensive Income
Aggregation
Concepts of Capital
Financial Capital Maintenance
Physical Capital Maintenance

GROUP 5
Presentation of Financial Statements (IAS 1 and IAS 7)
Objective of the Finanical Statements
Components of Financial Statements
Statement of Financial Position
Assets
Liabilities
Equity
Forms
Statement of Comprehensive Income
Profit and Loss
Other comprehensive income
Forms
Statement of Changes in Equity
Statement of Cash Flows
Operating
Investing
Financing
Direct
Indirect
Notes to Financial Statements

GROUP 6
Presentation of Financial Statements (IAS 1 and IAS 7)
Hierarchy in the Formaton of Accounting Policies
General Features in the Presentation of the Financial Statements
Fair Presentation and Compliance with PFRS
Going Concern
Accrual Basis
Materiality and Aggregation
Offsetting
Frequency of Reporting
Comparative Information
Consistency of Presentation
Limitations of the Financial Statements
Function of the SEC
GROUP 7
Presentation of Financial Statements (IAS 1 and IAS 7)
Phil Financial Reporting Framework ang The reporting Entities
Large and Publicly Accountable Entities
Medium Sized Entities
Small Entities
Micro Entities
Events After the Reporting Period (IAS 10)
Key Definitions
Accounting
Going Concern Issues Arising After End of the Reporting Period
Disclosure

GROUP 8
Interim Reporting (IAS 34)
Objective
Scope
Definitions
Content of an Interim Report
Minimum Component of and Interim Financial Report
Form and Content of Interim Financial Statements
Significant Events and Transactions
Other Disclosures
Disclosures of Compliance with IFRS
Period for which interim financia statements are required to be presented
Materiality
Disclosure in Annual Financial Statements
Recognition and Measurement
Same accounting policies as usual
Revenue received seasonally, cyclically or occassionally
Costs incurred unevenly during the financial year
Use of estimates
Rrestatement of Previously Rreported Interim Periods

GROUP 9
Segment Reporting (IFRS 8)
Operating segment defined in IFRS 8
Reportable Segment
Disclosures
Related Party Disclosures (IAS 24)
Related Parties
Related Party Transactions
Required Disclosures

GROUP 10
Cash to Accrual Basis and Single-Entry System
Conversion from Cash to Accrual
Increase in AR/NR-trade
Decrease in AR/NR-trade
Increase in AP/NP-trade
Decrease in AP/NP-trade
Accrued Revenue
Unearned Revenue
Prepaid Expense
Accrued Expense
Single Entry Accounting System
Bookkeeping System
Bookkeeping vs Accounting
Single Entry Bookkeeping
Double Entry Bookkeeping
Financial Capital Maintenance Approach
CCOUNTING STANDARDS Notes
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