中南财经政法大学：《中级会计学 Intermediate Accounting》课程电子教案（PPT课件讲稿，英文版）Chapter 2 Financial Reporting：Its Conceptual Framework

2 Financial Reporting: Its Conceptual Framework ntermediate Accounting Accounting School. Zhongnan

2 Financial Reporting: Its Conceptual Framework Accounting School ·Zhongnan University of Economics & Law ntermediate Accounting I 中级会计学

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework 1. FASB conceptual framework FASB was given two charges To develop a conceptual framework of accounting theory To establish standards(GAAP) for financial accounting practices

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework 1. FASB conceptual framework FASB was given two charges: ➢ To develop a conceptual framework of accounting theory. ➢ To establish standards (GAAP) for financial accounting practices

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual framework To guide the FASB in establishing accounting standards To provide a frame of reference for resolving accounting questions in situations where a standard does not exist to determine the bounds for judgment in the preparation of financial statements Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual Framework ➢ To guide the FASB in establishing accounting standards. ➢ To provide a frame of reference for resolving accounting questions in situations where a standard does not exist. ➢ To determine the bounds for judgment in the preparation of financial statements. Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual framework To increase users' understanding of and confidence in financial reporting To enhance comparability

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual Framework ➢ To increase users’ understanding of and confidence in financial reporting. ➢ To enhance comparability

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts Statement No. 1 Objectives of Financial reporting by business Enterprises (ssue Date 11/78) Concepts Statement No. 2 Qualitative Characteristics ofaccounting Information (ssue Date 5/80) Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB ➢ Concepts Statement No. 1 Objectives of Financial Reporting by Business Enterprises (Issue Date 11/78) ➢ Concepts Statement No. 2 Qualitative Characteristics of Accounting Information (Issue Date 5/80) Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts Statement No. 3 Elements of financial statements of business Enterprises (Issue Date 12/80, replaced by No. 6 in 1985) Concepts Statement No 4 Objectives of Financial Reporting by Nonbusiness Organizations (Issue Date 12/80) Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework ➢ Concepts Statement No. 3 Elements of Financial Statements of Business Enterprises (Issue Date 12/80, replaced by No. 6 in 1985) ➢ Concepts Statement No. 4 Objectives of Financial Reporting by Nonbusiness Organizations (Issue Date 12/80) ➢ Continued Statements of Financial Accounting Concepts issued by FASB

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts statement No. 5 Recognition and Measurement in financial Statements of Business Enterprises Issue Date 12/84) Concepts Statement No 6 Elements of Financial Statements--a replacement of fAsb Concepts Statement No. 3(incorporating an amendment of FasB Concepts Statement No. 2) (Issue Date 12/85) Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB ➢ Concepts Statement No. 5 Recognition and Measurement in Financial Statements of Business Enterprises (Issue Date 12/84) ➢ Concepts Statement No. 6 Elements of Financial Statements—a replacement of FASB Concepts Statement No. 3 (incorporating an amendment of FASB Concepts Statement No. 2) (Issue Date 12/85) Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts statement no. 7 Using Cash Flow Information and present value in Accounting Measurements (Issue Date 2/00)

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework ➢ Concepts Statement No. 7 Using Cash Flow Information and Present Value in Accounting Measurements (Issue Date 2/00) Statements of Financial Accounting Concepts issued by FASB

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual framework and Standard-Setting Process Conceptual Framework Terms Objectives and Concepts Guide the selection of events to u be accounted for. the r Identify goals and measurement of these events and p purpose of accounting the means of summarizing and communicating the information e to external users Statements of financial Continued Documents Accounting Concepts

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Conceptual Framework Terms Objectives and Concepts Identify goals and purpose of accounting Guide the selection of events to be accounted for, the measurement of these events, and the means of summarizing and communicating the information to external users, P u r p o s e Statements of Financial Accounting Concepts Documents Continued

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Standard setting F1 rom ObjectiⅤes Standards and Concepts Establish methods and procedures for measuring, summarizing, and communicating financia accounting information to external users Statements of Financial Statements of financial Accounting Concepts Accounting Standards

Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Standard Setting From Objectives and Concepts Standards Establish methods and procedures for measuring, summarizing, and communicating financial accounting information to external users. Statements of Financial Accounting Concepts Statements of Financial Accounting Standards