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  • Chapter 2 CFAAS

    Загружено:

    Vince Pereda
    36 просмотров1 страница
    This document outlines the primary users and objectives of financial reporting. The primary users of financial reporting are lenders, creditors, existing and potential investors, customers, employees, government agencies, and the public. The objectives of financial reporting are to assist the Financial Reporting Standards Council in developing accounting standards, reviewing existing standards, and adopting International Financial Reporting Standards. It also aims to assist preparers and users of financial statements in interpreting the information and conforming to Philippine generally accepted accounting principles. The document also lists specific objectives like aiding economic decisions and assessing cash flow prospects.

    Исходное описание:

    Conceptual framework chapter 2

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    This document outlines the primary users and objectives of financial reporting. The primary users of financial reporting are lenders, creditors, existing and potential investors, customers, employees, government agencies, and the public. The objectives of financial reporting are to assist the Financial Reporting Standards Council in developing accounting standards, reviewing existing standards, and adopting International Financial Reporting Standards. It also aims to assist preparers and users of financial statements in interpreting the information and conforming to Philippine generally accepted accounting principles. The document also lists specific objectives like aiding economic decisions and assessing cash flow prospects.

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    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    36 просмотров1 страница

    Chapter 2 CFAAS

    Загружено:

    Vince Pereda
    This document outlines the primary users and objectives of financial reporting. The primary users of financial reporting are lenders, creditors, existing and potential investors, customers, employees, government agencies, and the public. The objectives of financial reporting are to assist the Financial Reporting Standards Council in developing accounting standards, reviewing existing standards, and adopting International Financial Reporting Standards. It also aims to assist preparers and users of financial statements in interpreting the information and conforming to Philippine generally accepted accounting principles. The document also lists specific objectives like aiding economic decisions and assessing cash flow prospects.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 1

    Vince Aldri Pereda

    CBET 01-204P

    Lenders and other Employees Govt. agencies


    creditors
    Primary users Other users
    Existing and
    potential investors Customers Public

    To assist FRSC in developing accounting


    Objective of financial reporting standards and review existing standards

    To assist preparers of financial statements in


    applying accounting standards
    Qualitative characteristics of
    useful financial information To assist the FRSC in the review and adoption of
    the IFRS.

    Definition of elements from which To assist users of financial statements in


    interpreting information contained in FS.
    financial statements are constructed
    To assist auditors in forming an opinion as to
    whether FS conform with Philippine GAAP.

    Concepts of capital and capital To provide information to those interested in the


    maintenance work of FRSC in formulation of PFRS.

    Specific Objectives Accounting


    Assumptions
    Economic decisions Changes in economic
    resources and claims
    Going concern Time period
    Assessing cash flow Usefulness of financial
    prospects performances
    Accounting entity Monetary unit
    Economic resources Accrual Accounting
    and claims

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