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A review of the key concepts and principles to assist in understanding the IASB's Conceptual Framework for Financial Accounting.
The course includes theoretical principle lectures, which are then illustrated practically in class examples that focus on application.
You will need to download the lecture slides and work through the lecture videos and the class examples.
The course is structured to assist three categories of delegates who require knowledge of International Financial Reporting Standards (IFRS):
The Tabaldi approach is practical and our lecturers focus on making the sometimes complex principles of financial reporting simple and practical.
You will need to engage with the lecturer with pen in one hand and calculator in the other, mental application and a proactive approach will ensure that you master this topic under financial reporting and accounting.
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|Section 1: Notes download and overview|
Introduction and guidance (Read)
|Lecture 2||68 pages|
Click the above heading link to download The Conceptual Framework for Financial Reporting lecture handout notes and summaries to download for lecture video completion.
Please note that the layout is set as one slide per page, and for printing it may be cost beneficial to print multiple slides per printed page and to print back to back.
This video lecture introduces the Conceptual Framework and attempts to answer the question - What is the Conceptual Framework for Financial Reporting?.
Remember that this is NOT an accounting standard, but it is the underlying principles and theory on which the accounting standards are built!
|Section 2: Principles and Theory|
This video discusses the objective of general purpose financial reporting under the new amended objective within the 2010 Conceptual Framework for Financial Reporting.
Please note that the Objective within the 1986 Conceptual Framework was much broader and differs significantly from the 2010 Objective discussed in this video.
This video discusses the qualitative characteristics of useful information, that is - what is it that makes accounting information useful?
Remember that these characteristics have changed from the 1986 Framework, and in the 2010 Framework are significantly different.
This video discusses two vital assumptions for the preparation of general purpose financial reports, namely the accrual basis of accounting and the going concern assumption.
These are two of the cornerstones of everything you will learn in financial reporting, so pay attention!
It is an absolute necessity that you can define the elements of financial statements, namely ASSETS, LIABILITIES, EQUITY, INCOME and EXPENSES.
Without a thorough understanding of these definitions you cannot proceed with your study of financial reporting. This video will talk you through these definitions and simplify the meaning so that you can commit the definitions to memory.
Remember, Assets encapsulated future economic benefits and liabilities are present obligations that will require future outflows. Equity is what is left when the liabilities are deducted from assets,. Finally, income and expenses are defined in terms of the movement in assets and liabilities so you will always first define the financial position elements (assets and liabilities), then look to income and expenditure.
So you can now define an asset / liability, but the next question is when can you recognise the element? Recognition refers to the inclusion of the element in the financial statements.
This video will assist you in understanding and learning the Framework recognition criteria, but remember that for specific elements there may be additional recognition criteria in terms of specific accounting standards.
A discussion on the different measurement bases noted in the Conceptual Framework, including Historical Cost, Current Cost, Realisable (Settlement Value) and Present Value.
Remember that the Framework does not prescribe a measurement basis! The measurement section of the Framework is potentially the most contentious part of the Framework project and has currently NOT been completed.
The future of financial reporting as we know it may change depending on the outcome of the revision of the measurement component within the Framework, but for now this video will give you some guidance as to the current measurement basis noted in the Framework.
The Framework spends a fair amount of time discussing the concept of capital maintenance. This can initially seem a bit abstract, but this video discusses in a practical and simple manner to help you understand the concepts of physical and financial capital maintenance.
This video summarises the most important concepts discussed in this video lecture series on The Conceptual Framework for Financial Reporting.
Use this video as a final review to cement the knowledge gained, remember that without these Framework principles you will not make much progress in your study of financial accounting!
Tabaldi Education is an organisation that specialises in Accounting and Financial Reporting training and consulting.
Our lecturing team at Tabaldi consists of a group of highly qualified Chartered Accountants who have lectured at undergraduate and postgraduate level, as well as having presented professional accounting training around the world.
Richard Starkey one of Tabaldi's leading lecturers has had years of experience lecturing and consulting for large international corporates, including the big four audit firms within South Africa. Listed companies in Europe, Africa and the Middle East. Richard is passionate about helping people master the basic principles of financial reporting, and takes an interactive journal driven approach to his lectures.