FAC2601 Assignment 2 Semester 2 2022

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The Conceptual Fra g g




mework for Financi g g




alReporting g




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Framework Lecture Video 1
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WHAT IS THE FRAMEWORK? g g g




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What is the Framework? g g g




• Sets out the objectives & concepts
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– that underlie the preparation & presentation of
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– general purpose financial statements for external users.
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(Framework par 1) g g




• Provides a theoretical background or general frame
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of reference –
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g used by standard setters (IASB) when setting new st
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andards
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What is the Framework? (Cont.)
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• NOT an accounting standard.
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• Does not override an IAS or IFRS standard.
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