ACCT 217 Lecture Notes - Lecture 4: Accounting, International Financial Reporting Standards, International Accounting Standards Board
26 Mar 2017
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Document Summary
January 19, 2017 lecture 4 continuation of lecture 3/chapter 2. A coherent system of interrelated objectives and fundamentals that can lead to consistent standards and that prescribes the nature, function and limits of financial accounting statements. Standardized conceptual framework has been determined but is not followed by every country: international accounting standards board (iasb) is the standard setting body for developing international financial reporting standards (ifrs) The conceptual framework guides decisions about: what to present in financial statements, alternative ways of reporting economic events, appropriate ways of communicating this information. The objective of financial reporting is to provide financial information that is useful to existing and potential investors, lenders and other creditors who are making decisions about providing resources to a company. These decisions include: buying, selling, holding equity and debt, providing or settling loans or other credit, investing funds into partial ownership.
