Framework For Preparation & Presentation of Financial Statements

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Faculty : CA Vinod Kumar Agarwal Views : 2 & Validity : 1 Year
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CHAPTER - 2

FRAMEWORK FOR PREPARATION AND

PRESENTATION OF FINANCIAL STATEMENTS

1

INTRODUCTION

2

FINANCIAL STATEMENTS

3

FRAMEWORK AND ITS PURPOSE

4

SCOPE OF THE “FRAMEWORK”

5

FRAMEWORKDOES NOT DEAL WITH

6

IMPORTANT FACTS-ABOUT “FRAMEWORK”

7

WHO ARE THE USERS OF FINANCIAL STATEMENTS

8

WHY DO INVESTORS NEED FINANCIAL STATEMENTS

9

WHY DO EMPLOYEESNEED FINANCIAL STATEMENTS

10

WHY DO LENDERSNEED FINANCIAL STATEMENTS

11

WHY DO SUPPLIER AND OTHER TRADE CREDITORS NEED

FINANCIAL STATEMENTS

12

WHY DO CUSTOMERS NEED FINANCIAL STATEMENTS

13

WHY DO GOVERNMENT AND RELATED AGENCIES NEED

FINANCIAL STATEMENTS

14

WHY DO PUBLIC NEED FINANCIAL STATEMENTS

15

OBJECTIVES TO PREPARE FINANCIAL STATEMENTS

16

UNDERLYING ASSUMPTIONS

17

ACCRUAL BASIS

18

GOING CONCERN

19

QUALITATIVE ASPECTS OF FINANCIAL STATEMENTS

20

UNDERSTANDABILITY

21

RELEVANCE

22

MATERIALITY

23

RELIABILITY

24

FAITHFUL REPRESENTATION

25

SUBSTANCE OVER FORM

26

NEUTRALITY

27

PRUDENCE

28

COMPLETENESS

29

COMPARABILITY

30

CONSTRAINTS ON RELEVANT AND RELIABLE INFORMATION

31

TIMELINESS

32

COST AND ITS BENEFIT COMPARISON

33

BALANCE BETWEEN QUALITATIVE CHARACTERISTIC AND

OBJECTIVE

34

ELEMENTS OF FINANCIAL STATEMENTS

35

RECOGNITION OF THE ELEMENTS OF FINANCIAL STATEMENTS

36

RECOGNITION OF ASSETS

37

RECOGNITION OF LIABILITIES

38

RECOGNITION OF INCOME

39

RECOGNITION OF EXPENSE

40

MEASUREMENT OF THE ELEMENTS OF FINANCIAL STATEMENT

41

HISTROCIAL COST

42

CURRENT COST

43

SETTLEMENT VALUE

44

PRESENT VALUE

45

FAIR VALUE

46

FINANCIAL CAPITAL MAINTENANCE VS. PHYSICAL CAPITAL

MAINTENANCE

47

MAJOR DIFFERENCES BETWEEN PHYSICAL CAPITAL & FINANCIAL

CAPITAL

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