Conceptual Framework for Financial Accounting and Reporting

In this book, we focus on conceptual framework for financial reporting. Conceptual framework for financial reporting (the 'Conceptual Framework') sets out the concepts that underlie the preparation and presentation of financial statements. A conceptual framework deals with fundamental financial reporting issues such as the objectives and users of financial statements, the characteristics that make accounting information useful, the basic elements of financial statements, and the concepts for recognizing and measuring these elements in the financial statements.