Part I
Concepts and Basic Standards
In this part . . .
Financial reporting has become increasingly complicated over the years. Many trainee and professional accountants find the sheer size of the accounting standards, as well as trying to figure out just exactly what the standards want you to do, problematic.
In this part, I introduce you to the conceptual framework and examine some of the more basic standards. Understanding how and why the standards are created is crucial in actually understanding the world of financial reporting. I start with the basics, introducing you to the standard-setting process, and then move on to how a company develops its accounting policies and how a first-time adopter of IFRS deals with the switchover from domestic accounting standards to IFRS.
