Malaysia Conceptual Framework of Financial Reporting Flashcards
(2 cards)
1
Q
What is Conceptual Framework for Financial Reporting
A
Describes the objective of, and the concepts for, general-purpose financial reporting.
2
Q
The purpose of the Conceptual Framework
A
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