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Conceptual Framework
for Financial Reporting
Joint World Bank and IFRS Foundation train
the trainers workshop hosted by the ECCB,
30 April to 4 May 2012
KThe
Theviews
viewsexpressed
expressedininthis
thispresentation
presentationare
arethose
thoseofofthe
the presenter,
presenter,
not necessarily
not necessarily
those of the
those
IASB
of or
theIFRS
IASBFoundation.
or IFRS Foundation.
IFRS Foundation | 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
IFRS
| 30 Cannon
Street Street
| London
EC4MEC4M
6XH | 6XH
UK. |www.ifrs.org
2010Foundation
IFRS Foundation.
30 Cannon
| London
UK. www.ifrs.org
Qualitative characteristics
Pervasive constraint
Summary
10
Elements
11
IFRS
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2010Foundation
IFRS Foundation.
30 Cannon
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UK. www.ifrs.org
Recognition
12
IFRS
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| London
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6XH |6XH
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2011Foundation
IFRS Foundation.
30 Cannon
| London
UK. www.ifrs.org
Recognition
13
Measurement concepts
14
15
IAS 1
application of IFRSs with additional disclosures when
necessary results in a fair presentation (faithful
representation of transactions, events and conditions)
dont offset assets & liabilities or income & expenses
IFRS
| 30 Cannon
Street Street
| London
EC4MEC4M
6XH | 6XH
UK. |www.ifrs.org
2010Foundation
IFRS Foundation.
30 Cannon
| London
UK. www.ifrs.org
Derecognition of assets
16
Common conceptual
misunderstandings
17
Clarificationthe Framework
includes
include prudence/conservatism
concept
neutrality concept
Common conceptual
misunderstandings continued
Misunderstanding
Uniformity = comparability
IFRS
| 30 Cannon
Street Street
| London
EC4MEC4M
6XH | 6XH
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2010Foundation
IFRS Foundation.
30 Cannon
| London
UK. www.ifrs.org
18
Clarification
Comparability is achieved when
like things are accounted for in
the same way.
Comparability is not achieve
when accounting rules require
unlike things be accounted for in
the same way
Common conceptual
misunderstandings continued
Misunderstanding
There is a clear concept for the
historical cost of an item
2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
19
Clarification
The Framework provides only a
vague descriptionassets are
recorded at the amount of cash
or cash equivalents paid or the
fair value of the consideration
given to acquire them at the
time of their acquisition.
What is cost when:
- advance/deferred payment?
- purchased option exercised?
- contingent purchase price?
Common conceptual
misunderstandings continued
20
Misunderstanding
Principles are necessarily less
rigorous than rules
Clarification
Rules are the tools of financial
engineers
2010 IFRS Foundation. 30 Cannon Street | London EC4M 6XH | UK. www.ifrs.org
Questions or comments?
Expressions of individual views
by members of the IASB and
its staff are encouraged. The views
expressed in this presentation
are those of the presenter.
Official positions of the IASB on
accounting matters are determined
only after extensive due process
and deliberation.
IFRS
| 30 Cannon
Street Street
| London
EC4MEC4M
6XH | 6XH
UK. |www.ifrs.org
2010Foundation
IFRS Foundation.
30 Cannon
| London
UK. www.ifrs.org
21
22
IFRS Foundation
| 30 Cannon
| London
EC4M
6XH | UK.
www.ifrs.org
2011
IFRS Foundation
| 30Street
Cannon
Street
| London
EC4M
6XH | UK | www.ifrs.org