FAC3764 –
Financial
Accounting
Summary of Standards
Learning Unit 1 to 11
,CONTENTS
• Learning unit 1: The conceptual framework for financial reporting
• Learning unit 2: Income taxes
• Learning unit 3: Revenue and Leases
• Learning unit 4: Fair value measurement, property, plant and equipment and investment proper
• Learning unit 5: Intangible assets, impairment of assets and non-current assets held for sale
• Learning unit 6: Accounting policies, changes in accounting estimates, errors and the effects of
changes in foreign exchange rates
• Learning unit 7: Financial instruments, employee benefits
• Learning unit 8: Group financial statements
• Learning unit 9: Investments in associates and joint ventures, joint arrangements and related p
disclosure
, THE CONCEPTUAL FRAMEWORK (CF)
DEFINITION:
The CF is a document that sets out various key concepts:
• The objective of general-purpose financial reporting; and
• Various other concepts that underpin financial reporting.
MAIN OBJECTIVE
To provide useful information about the entity.
CF PURPOSE
• To be a helpful resource to the IASB in their development of
IFRSs
• To help preparers of financial statements to create their own
accounting policies where necessary
• To help everyone understand and interpret IFRS.
Financial
Accounting
Summary of Standards
Learning Unit 1 to 11
,CONTENTS
• Learning unit 1: The conceptual framework for financial reporting
• Learning unit 2: Income taxes
• Learning unit 3: Revenue and Leases
• Learning unit 4: Fair value measurement, property, plant and equipment and investment proper
• Learning unit 5: Intangible assets, impairment of assets and non-current assets held for sale
• Learning unit 6: Accounting policies, changes in accounting estimates, errors and the effects of
changes in foreign exchange rates
• Learning unit 7: Financial instruments, employee benefits
• Learning unit 8: Group financial statements
• Learning unit 9: Investments in associates and joint ventures, joint arrangements and related p
disclosure
, THE CONCEPTUAL FRAMEWORK (CF)
DEFINITION:
The CF is a document that sets out various key concepts:
• The objective of general-purpose financial reporting; and
• Various other concepts that underpin financial reporting.
MAIN OBJECTIVE
To provide useful information about the entity.
CF PURPOSE
• To be a helpful resource to the IASB in their development of
IFRSs
• To help preparers of financial statements to create their own
accounting policies where necessary
• To help everyone understand and interpret IFRS.
