Chapter 4

Conceptual Framework of Financial Statements

In tine dynamic and complex business environment of the day, it has becPme impenative to heve a strong conceptual framework for accounting and fin ancialstatemen ts that sets out the princis I es and concepts underlying their preparation and presentation.


This chapter seeks to enable you to develop knowledge and understanding of:

  1. The need for and purpose of conceptual framework of accounting and financial statements.

  2. What constitutes the components of financial statements.

  3. The objectives served by the financial statements.

  4. Who are the users of financial statements ...

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