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Chapter-1-Regulatory Framework

This document outlines the objectives of the regulatory framework chapter, which are to explain the main sources of accounting regulations and the need for regulation. It defines general accepted accounting practices (GAAP) and describes the structure and functions of the International Accounting Standards Board (IASB) in setting international standards. The document lists the components of a complete set of financial statements and provides an overview of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), outlining several individual standards.

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Yean Soramy
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2K views6 pages

Chapter-1-Regulatory Framework

This document outlines the objectives of the regulatory framework chapter, which are to explain the main sources of accounting regulations and the need for regulation. It defines general accepted accounting practices (GAAP) and describes the structure and functions of the International Accounting Standards Board (IASB) in setting international standards. The document lists the components of a complete set of financial statements and provides an overview of International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), outlining several individual standards.

Uploaded by

Yean Soramy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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The Regulatory Framework

CHAPTER 1

FRT-1 1
Objectives

• List the main sources of accounting regulations and explain


the need for regulation
• Explain the term “ general accepted accounting practices”
(GAAP)
• Outline the structure and functions of the International
Accounting Standards Board (IASB) and its associated bodies
• Explain the purpose of an accounting standard and list the
main steps in the standard setting process adopted by the IASB
• Outline the structure of an international financial reporting
standard or international accounting standard
• Explain the main features of IFRS1 first-time adoption of
international reporting standards.
FRT-1 2
1. A COMPLETE SET OF FINANCIAL
STATEMENTS
1) Statement of Financial Position
2) Statement of Profit or Loss and Other
Comprehensive Income
3) Statement of Changes in Equity
4) Statement of Cash Flows
5) Explanatory notes

FRT-1 3
3. INTERNATIONAL ACCOUNTING
STANDARDS (IASS)
IAS 1. Presentation of financial statements
IAS 2. Inventories
IAS 7. Statement of cash flows
IAS 8. Accounting policies, changes in acc. estimates and errors
IAS 10. Events after the reporting period
IAS 12. Income taxes
IAS 16. Property, plant and equipment
IAS 17. Leases
IAS 19. Employee benefits
IAS 20. Accounting for government grants and disclosure of
government assistance
IAS 21. The effects of changes in foreign exchange rates
IAS 23. Borrowing costs

FRT-1 4
3. INTERNATIONAL ACCOUNTING
STANDARDS (CONT.)
IAS 24. Related party disclosures
IAS 26. Accounting and reporting by retirement benefit plans
IAS 27. Separate financial statements
IAS 28. Investments in associates and joint ventures
IAS 29. Financial reporting in hyperinflationary economies
IAS 30. Disclosure in the financial statements of banks and similar
financial institutions
IAS 32. Financial instruments: presentation
IAS 33. Earnings per share
IAS 34. Interim financial reporting
IAS 36. Impairment of assets
IAS 37. Provisions, contingent liabilities and contingent assets
IAS 38. Intangible assets
IAS 40. Investment property
IAS 41. Agriculture
FRT-1 5
4. IFRSS
IFRS 1. First time adoption of IFRSs
IFRS 2. Share-based payment
IFRS 3. Business combinations
IFRS 4. Insurance contracts
IFRS 5. Non-current assets held for sale and discontinued operations
IFRS 6. Exploration for and evaluation of mineral resources
IFRS 7. Financial instruments: disclosures
IFRS 8. Operating segments
IFRS 9. Financial instruments
IFRS 10. Consolidated financial statements
IFRS 11. Joint arrangements
IFRS 12. Disclosures of interests in other entities
IFRS 13. Fair value measurement
IFRS 14. Regulatory deferral accounts
IFRS 15. Revenue from contracts with customers
FRT-1 6

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