esok nk fiNAL!!!!!!!

huhuhu
skrg ak sgt risau bout esok ni.....
cmane aku nk jwb esk?
skrg baru fhm n hafal chapter conceptual framework....
conceptual framework is a constitution,coherent sys interrelated objectives n fundamental lead to consistent standard prescribe e nature, function n limit of fin acctg n fin reporting...

need of CF:
1) To resolve e accountin problem n disputes
2) to promote harmonize in acctg standard
3) to provide guidance standard setters in reviewing existing standard n develop future standard

scopE OF CF:
HIGH LEVEL
1)decision usefulness- provide info about changes in fin position dat useful in eco decision making
2)stewardship- to show accountability on e mgt for resources entrusted to them
FUNDAMENTAL LEVEL
-related to e qualitative characteristic of acctg info,assumption n basic elements of e fin reporting
OPERATIONAL LEVEL
-it deals with principles n rules of measurement n recognition of e basic elements of acctg report
REPORTING LEVEL
-it specifies e type of in to be displayed in e fin reports @statement....

M'SIAN CF
1_OBJECTIVES OF FS- decision usefulness
-stewardship
social welfare
2-undestandability- info in understandable form
3) relavance- info influence eco decision making,timeliness,materiality
4) reliability- verifiability,neutrality,substance over form, completeness prudence n faithful
representation
ELEMENT OF FS
-ASSET-RESOURCES CONTROLLED BY ENTITY AS A RESULT OF PAST EVENTS
-LIABILITY-present obligation of entity arising from e past events
REVENUE- increase e eco benefit during e acctg period
-EXPENSES-decrease eco benefits during e acctg period
-EQUITY-residual interest in e asset of entity after deducting all liabilities
BASIS MEASUREMENT
-HISTORICAL COST
-NRV
-PRESENT VALUE
-CURRENT COST