The Conceptual Framework

Adriana Duţescu ()
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Adriana Duţescu: Bucharest University of Economic Studies

Chapter Chapter 2 in Financial Accounting, 2019, pp 11-28 from Springer

Abstract: Abstract This chapter considers the IASB Conceptual Framework main principles, concepts and issues. The financial reporting has to adapt to business practices and global challenges, but also to some specific local patterns. The chapter argues for a single set of high-quality financial reporting standards in the public interest, based on a Conceptual Framework. In this chapter readers learn about the objective of financial statements, which is to provide decision-making with useful information about the performance and changes of the financial position of an enterprise. The chapter also addresses the qualitative characteristics of financial information in terms of their relevance, faithful representation, comparability, verifiability, understandability and timeliness. The last section of the chapter is dedicated to the elements of the financial statements, their definition, classification, measurement and specific procedures. The chapter closes with a set of summary questions, as a brief conclusion.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-29485-4_2

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DOI: 10.1007/978-3-030-29485-4_2

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