August 2013
Beginner
496 pages
13h 26m
English
book
Problem Solving Survival Guide to accompany Intermediate Accounting, Volume 1: Chapters 1 - 14, 15th Edition
by Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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CHAPTER 2
CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING
OVERVIEW
Financial statements are needed for decision making. In order to make informed decisions, a financial statement user must understand both the financial information conveyed and how it is derived. To be useful, financial statements must be clearly understandable and comparable so that users may compare the performance of one business with the performance of the same business for a prior period or with the performance of another similar business. Therefore, all general purpose financial statements should be prepared in accordance with the same uniform guidelines. In this chapter, we will examine basic accounting principles.
SUMMARY OF LEARNING OBJECTIVES
- Describe the usefulness of a conceptual framework. The accounting profession needs a conceptual framework to: (1) build on and relate to an established body of concepts and objectives, (2) provide a framework for solving new and emerging practical problems, (3) increase financial statement users' understanding of and confidence in financial reporting, and (4) enhance comparability among companies' financial statements.
- Describe the FASB's efforts to construct a conceptual framework. The FASB has issued seven Statements of Financial Accounting Concepts that relate to financial reporting for business enterprises. These concepts statements provide the basis for the conceptual framework. They include objectives, qualitative characteristics, and elements. In addition, measurement ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.