Framework for the Preparation and Presentation of Financial Statements.docx

Framework for the Preparation and Presentation of Financial Statements.docx

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FrameworkforthePreparationandPresentationofFinancialStatements

FrameworkforthePreparationand

PresentationofFinancialStatements

TheIASBFrameworkwasapprovedbytheIASCBoardinApril1989forpublicationinJuly1989,andadoptedbytheIASBinApril2001.

Contents

paragraphs

Preface

Introduction

1-11

PurposeandStatus

1-4

Scope

5-8

UsersandTheirInformationNeeds

9-11

TheObjectiveofFinancialStatements

12-21

FinancialPosition,PerformanceandChangesinFinancialPosition

15-21

NotesandSupplementarySchedules

21

UnderlyingAssumptions

22-23

AccrualBasis

22

GoingConcern

23

QualitativeCharacteristicsofFinancialStatements

24-46

Understandability

25

Relevance

26-30

Materiality

29-30

Reliability

31-38

FaithfulRepresentation

33-34

SubstanceOverForm

35

Neutrality

36

Prudence

37

Completeness

38

Comparability

39-42

ConstraintsonRelevantandReliableInformation

43-45

Timeliness

43

BalancebetweenBenefitandCost

44

BalancebetweenQualitativeCharacteristics

45

TrueandFairView/FairPresentation

46

TheElementsofFinancialStatements

47-81

FinancialPosition

49-52

Assets

53-59

Liabilities

60-64

Equity

65-68

Performance

69-73

Income

74-77

Expenses

78-80

CapitalMaintenanceAdjustments

81

RecognitionoftheElementsofFinancialStatements

82-98

TheProbabilityofFutureEconomicBenefit

85

ReliabilityofMeasurement

86-88

RecognitionofAssets

89-90

RecognitionofLiabilities

91

RecognitionofIncome

92-93

RecognitionofExpenses

94-98

MeasurementoftheElementsofFinancialStatements

99-101

ConceptsofCapitalandCapitalMaintenance

102-110

ConceptsofCapital

102-103

ConceptsofCapitalMaintenanceandtheDeterminationofProfit

104-110

Preface

Financialstatementsarepreparedandpresentedforexternalusersbymanyentitiesaroundtheworld.Althoughsuchfinancialstatementsmayappearsimilarfromcountrytocountry,therearedifferenceswhichhaveprobablybeencausedbyavarietyofsocial,economicandlegalcircumstancesandbydifferentcountrieshavinginmindtheneedsofdifferentusersoffinancialstatementswhensettingnationalrequirements.

Thesedifferentcircumstanceshaveledtotheuseofavarietyofdefinitionsoftheelementsoffinancialstatements;thatis,forexample,assets,liabilities,equity,incomeandexpenses.Theyhavealsoresultedintheuseofdifferentcriteriafortherecognitionofitemsinthefinancialstatementsandinapreferencefordifferentbasesofmeasurement.Thescopeofthefinancialstatementsandthedisclosuresmadeinthemhavealsobeenaffected.

TheInternationalAccountingStandardsCommittee（IASC）iscommittedtonarrowingthesedifferencesbyseekingtoharmoniseregulations,accountingstandardsandproceduresrelatingtothepreparationandpresentationoffinancialstatements.Itbelievesthatfurtherharmonisationcanbestbepursuedbyfocusingonfinancialstatementsthatarepreparedforthepurposeofprovidinginformationthatisusefulinmakingeconomicdecisions.

TheBoardofIASCbelievesthatfinancialstatementspreparedforthispurposemeetthecommonneedsofmostusers.Thisisbecausenearlyallusersaremakingeconomicdecisions,forexample,to:

（a）decidewhentobuy,holdorsellanequityinvestment;

（b）assessthestewardshiporaccountabilityofmanagement;

（c）assesstheabilityoftheentitytopayandprovideotherbenefitstoitsemployees;

（d）assessthesecurityforamountslenttotheentity;

（e）determinetaxationpolicies;

（f）determinedistributableprofitsanddividends;

（g）prepareandusenationalincomestatistics;or

（h）regulatetheactivitiesofentities.

TheBoardrecognises,however,thatgovernments,inparticular,mayspecifydifferentoradditionalrequirementsfortheirownpurposes.Theserequirementsshouldnot,however,affectfinancialstatementspublishedforthebenefitofotherusersunlesstheyalsomeettheneedsofthoseotherusers.

Financialstatementsaremostcommonlypreparedinaccordancewithanaccountingmodelbasedonrecoverablehistoricalcostandthenominalfinancialcapitalmaintenanceconcept.Othermodelsandconceptsmaybemoreappropriateinordertomeettheobjectiveofprovidinginformationthatisusefulformakingeconomicdecisionsalthoughthereispresentlynoconsensusforchange.ThisFrameworkhasbeendevelopedsothatitisapplicabletoarangeofaccountingmodelsandconceptsofcapitalandcapitalmaintenance.

Introduction

PurposeandStatus

1.ThisFrameworksetsouttheconceptsthatunderliethepreparationandpresentationoffinancialstatementsforexternalusers.ThepurposeoftheFrameworkisto:

（a）assisttheBoardofIASCinthedevelopmentoffutureInternationalAccountingStandardsandinitsreviewofexistingInternationalAccountingStandards;

（b）assisttheBoardofIASCinpromotingharmonisationofregulations,accountingstandardsandproceduresrelatingtothepresentationoffinancialstatementsbyprovidingabasisforreducingthenumberofalternativeaccountingtreatmentspermittedbyInternationalAccountingStandards;

（c）assistnationalstandard-settingbodiesindevelopingnationalstandards;

（d）assistpreparersoffinancialstatementsinapplyingInternationalAccountingStandardsandindealingwithtopicsthathaveyettoformthesubjectofanInternationalAccountingStandard;

（e）assistauditorsinforminganopinionastowhetherfinancialstatementsconformwithInternationalAccountingStandards;

（f）assistusersoffinancialstatementsininterpretingtheinformationcontainedinfinancialstatementspreparedinconformitywithInternationalAccountingStandards;and

（g）providethosewhoareinterestedintheworkofIASCwithinformationaboutitsapproachtotheformulationofInternationalAccountingStandards.

2.ThisFrameworkisnotanInternationalAccountingStandardandhencedoesnotdefinestandardsforanyparticularmeasurementordisclosureissue.NothinginthisFrameworkoverridesanyspecificInternationalAccountingStandard.

3.TheBoardofIASCrecognisesthatinalimitednumberofcasestheremaybeaconflictbetweentheFrameworkandanInternationalAccountingStandard.Inthosecaseswherethereisaconflict,therequirementsoftheInternationalAccountingStandardprevailoverthoseoftheFramework.As,however,theBoardofIASCwillbeguidedbytheFrameworkinthedevelopmentoffutureStandardsandinitsreviewofexistingStandards,thenumberofcasesofconflictbetweentheFrameworkandInternationalAccountingStandardswilldiminishthroughtime.

4.TheFrameworkwillberevisedfromtimetotimeonthebasisoftheBoard'sexperienceofworkingwithit.

Scope

5.TheFrameworkdealswith:

（a）theobjectiveoffinancialstatements;

（b）thequalitativecharacteristicsthatdeterminetheusefulnessofinformationinfinancialstatements;

（c）thedefinition,recognitionandmeasurementoftheelementsfromwhichfinancialstatementsareconstructed;and

（d）conceptsofcapitalandcapitalmaintenance.

6.TheFrameworkisconcernedwithgeneralpurposefinancialstatements（hereafterreferredtoas“financialstatements”）includingconsolidatedfinancialstatements.Suchfinancialstatementsarepreparedandpresentedatleastannuallyandaredirectedtowardthecommoninformationneedsofawiderangeofusers.Someoftheseusersmayrequire,andhavethepowertoobtain,informationinadditiontothatcontainedinthefinancialstatements.Manyusers,however,havetorelyonthefinancialstatementsastheirmajorsourceoffinancialinformationandsuchfinancialstatementsshould,therefore,bepreparedandpresentedwiththeirneedsinview.Specialpurposefinancialreports,forexample,prospectusesandcomputationspreparedfortaxationpurposes,areoutsidethescopeofthisFramework.Nevertheless,theFrameworkmaybeappliedinthepreparationofsuchspecialpurposereportswheretheirrequirementspermit.

7.Financialstatementsformpartoftheprocessoffinancialreporting.Acompletesetoffinancialstatementsnormallyincludesabalancesheet,anincomestatement,astatementofchangesinfinancialposition（whichmaybepresentedinavarietyofways,forexample,asastatementofcashflowsorastatementoffundsflow）,andthosenotesandotherstatementsandexplanatorymaterialthatareanintegralpartofthefinancialstatements.Theymayalsoincludesupplementaryschedulesandinformationbasedonorderivedfrom,andexpectedtobereadwith,suchstatements.Suchschedulesandsupplementaryinformationmaydeal,forexample,withfinancialinformationaboutindustrialandgeographicalsegmentsanddisclosuresabouttheeffectsofchangingprices.Financialstatementsdonot,however,includesuchitemsasreportsbydirectors,statementsbythechairman,discussionandanalysisbymanagementandsimilaritemsthatmaybeincludedinafinancialorannualreport.

8.TheFrameworkappliestothefinancialstatementsofallcommercial,industrialandbusinessreportingentities,whetherinthepublicortheprivatesectors.Areportingentityisanentityforwhichthereareuserswhorelyonthefinancialstatementsastheirmajorsourceoffinancialinformationabouttheentity.

UsersandTheirInformationNeeds

9.Theusersoffinancialstatementsincludepresentandpotentialinvestors,employees,lenders,suppliersandothertradecreditors,customers,governmentsandtheiragenciesandthepublic.Theyusefinancialstatementsinordertosatisfysomeoftheirdifferentneedsforinformation.Theseneedsincludethefollowing:

（a）Investors.Theprovidersofriskcapitalandtheiradvisersareconcernedwiththeriskinherentin,an