ACCCOB2 - Chapter 1: Introduction to Financial Accounting Study Guide
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Course
Acccob2
Institution
Acccob2
ACCCOB2 - Chapter 1: Introduction to
Financial Accounting Study Guide
Accounting - Answer-The art of recording, classifying, and summarizing in a significant manner and
in terms of money, transactions and events which are, in part at least, of a financial character, and
interpreting the results...
IFRS - Answer✔✔-International Financial Reporting Standards. The Philippine uses the IFRS as its
financial reporting framework.
Conceptual Framework for Financial Reporting - Answer✔✔-Developed so the financial reporting
standards are applicable to a wide range of accounting models, including the concepts of capital and
capital maintenance.
The various purposes of the Conceptual Framework for Financial Reporting are the following: -
Answer✔✔-1. To assist the Board in the development of future PFRS and in its review of existing PFRS.
2. To assist the Board in promoting harmonization of regulations, accounting standards, and procedures
relating to the presentation of financial statements by providing a basis for reducing the number of
alternative accounting treatments permitted by PFRS.
3. To assist national standard-setting bodies in developing national standards.
4. To assist preparers of financial statements in applying PFRS and in dealing with topics that have yet to
form the subjects of PFRS.
5. To assist auditors in forming an opinion on whether financial statements comply with the PFRS.
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