CONCEPTUAL FRAMEWORK OF FINANCIAL STATEMENTS
In the dynamic and complex business environment of the day, it has become imperative to have a strong conceptual framework for accounting and financial statements that sets out the principles and concepts underlying their preparation and presentation.
This chapter seeks to enable you to develop knowledge and understanding of:
- The need for and purpose of conceptual framework of accounting and financial statements.
- What constitutes the components of financial statements.
- The objectives served by the financial statements.
- Who are the users of financial statements and what are ...