Malaysia Conceptual Framework of Financial Reporting Flashcards by khairina israk | Brainscape

Flashcards in Malaysia Conceptual Framework of Financial Reporting Deck (2)

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1

What is Conceptual Framework for Financial Reporting

Describes the objective of, and the concepts for, general-purpose financial reporting.

2

The purpose of the Conceptual Framework

Assist the MASB to develop MFRS Standards (Standards) that are based on consistent concepts

Assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other events

Assist all parties to understand and interpret the Standards

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