In this article we will discuss about the subject matter and uses of IASB’s conceptual framework. Subject-Matter of IASB'S Framework: IASB's conceptual framework deals with: (a) The objective of financial statements; (b) The qualitative characteristics that determine the usefulness of information in financial statements, (c) The definition, recognition and measurements of the elements from which financial statements are constructed; and [...]
In this article we will discuss about Financial Reporting:- 1. Concept of Financial Reporting 2. Objectives of Financial Reporting 3. Developments on Financial Reporting Objectives Concept of Financial Reporting: Financial reporting may be defined as communication of published financial statements and related information from a business enterprise to third parties (external users) including shareholders, creditors, customers, governmental authorities and the [...]
The upcoming discussion will update you about the difference between financial reporting and financial statements. 1. Financial statements are a central feature of financial reporting. They are a principal means of communicating accounting information to those outside an enterprise. Although financial statements may also contain information from sources other than accounting records, accounting systems are generally organised on the basis [...]