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Flashcards in Financial Accounting Deck (18):
1

When was the most recent IASB Conceptual Framework for Accounting issued?

March 2018

2

The purpose of the Conceptual Framework is to "(a) ______________________________ that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards."

assist the [IASB] to develop IFRS Standards (Standards)

3

The purpose of the Conceptual Framework is to "(a) assist the [IASB] to develop IFRS Standards (Standards) ____________________________; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards."

that are based on consistent concepts

4

The purpose of the Conceptual Framework is to "(a) assist the [IASB] to develop IFRS Standards (Standards) that are based on consistent concepts; (b) ___________________________________, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards."

assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event

5

The purpose of the Conceptual Framework is to "(a) assist the [IASB] to develop IFRS Standards (Standards) that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, _________________________; and (c) assist all parties to understand and interpret the Standards."

or when a Standard allows a choice of accounting policy

6

The purpose of the Conceptual Framework is to "(a) assist the [IASB] to develop IFRS Standards (Standards) that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) _______________________."

assist all parties to understand and interpret the Standards

7

The revised framework (March 2018) includes ________________, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).

a new chapter on measurement

8

The revised framework (March 2018) includes a new chapter on measurement, _________________, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).

guidance on reporting financial performance

9

The revised framework (March 2018) includes a new chapter on measurement, guidance on reporting financial performance, _______________, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).

improved definitions and guidance

10

The revised framework (March 2018) includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).

clarifications on important topics

11

The revised framework (March 2018) includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., _____________, prudence, and measurement uncertainty in financial reporting).

the roles of stewardship

12

The revised framework (March 2018) includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, ____________, and measurement uncertainty in financial reporting).

Prudence

13

The revised framework (March 2018) includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and _________________________).

and measurement uncertainty in financial reporting

14

Status and purpose of the Conceptual Framework. The first section notes that the Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. It maintains that ________________________. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, the IASB will highlight the fact and explain the reasons for the departure in the basis for conclusions.

the framework does not override any specific IFRS

15

Status and purpose of the Conceptual Framework. The first section notes that the Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. It maintains that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement _________________, the IASB will highlight the fact and explain the reasons for the departure in the basis for conclusions.

that is in conflict with the framework

16

Status and purpose of the Conceptual Framework. The first section notes that the Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. It maintains that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, ____________________and explain the reasons for the departure in the basis for conclusions.

the IASB will highlight the fact

17

Status and purpose of the Conceptual Framework. The first section notes that the Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. It maintains that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, the IASB will highlight the fact and ________________________ in the basis for conclusions.

and explain the reasons for the departure

18

Status and purpose of the Conceptual Framework. The first section notes that the Conceptual Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. It maintains that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, the IASB will highlight the fact and explain the reasons for the departure ___________________.

in the basis for conclusions