By coll.

ISBN-10: 1472726804

ISBN-13: 9781472726803

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Ea (a) cc The advantages arising from using a conceptual framework may be summarised as follows. As stated above, the development of certain standards (particularly national standards) have been subject to considerable political interference from interested parties. Where there is a conflict of interest between user groups on which policies to choose, policies deriving from a conceptual framework will be less open to criticism that the standard-setter buckled to external pressure. fre Key term (c) Some standards may concentrate on the statement of profit or loss and other comprehensive income (formerly statement of comprehensive income, see Chapter 10 for the details of the change of name) whereas some may concentrate on the valuation of net assets (statement of financial position).

By default, all income and expense will be shown in profit or loss unless relating to the remeasurement of assets and liabilities - these would normally be shown in other comprehensive income with recycling generally permitted. There is no detailed definition of profit or loss. 2 below for more detail. (f) Presentation and disclosure. This section is new, with no equivalent in the current Conceptual Framework. The aim is to provide a framework for disclosure to ensure that the information disclosed is relevant to investors.

Under the Discussion Paper, constructive obligations would qualify as liabilities and certain avoidable obligations, for example directors’ bonuses, could qualify. Recognition and derecognition of assets and liabilities. Generally all assets and liabilities are to be recognised unless recognising an asset or a liability is considered irrelevant or not sufficiently relevant to justify the costs for doing so or no measurement of the item would lead to a sufficiently faithful representation. For the first time, the Conceptual Framework will give guidance on derecognition.

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ACCA P2 Corporate Reporting Study Text by coll.


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