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    Module 1

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    Lurissa Cabig
    The document discusses the conceptual framework for financial reporting. It provides a comprehensive set of concepts for preparing financial statements, including the objective and status of the framework. It also defines the elements of financial statements, such as recognition and measurement criteria. The lesson explains the basic accounting concepts and principles, as the conceptual framework establishes the foundation for financial reporting. It emphasizes that understanding this theoretical framework is important, as it covers 16% of the questions on the CPA exam.

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    Module 1

    Uploaded by

    Lurissa Cabig
    20 views1 page
    The document discusses the conceptual framework for financial reporting. It provides a comprehensive set of concepts for preparing financial statements, including the objective and status of the framework. It also defines the elements of financial statements, such as recognition and measurement criteria. The lesson explains the basic accounting concepts and principles, as the conceptual framework establishes the foundation for financial reporting. It emphasizes that understanding this theoretical framework is important, as it covers 16% of the questions on the CPA exam.

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    Module-1

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    The document discusses the conceptual framework for financial reporting. It provides a comprehensive set of concepts for preparing financial statements, including the objective and status of the framework. It also defines the elements of financial statements, such as recognition and measurement criteria. The lesson explains the basic accounting concepts and principles, as the conceptual framework establishes the foundation for financial reporting. It emphasizes that understanding this theoretical framework is important, as it covers 16% of the questions on the CPA exam.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views1 page

    Module 1

    Uploaded by

    Lurissa Cabig
    The document discusses the conceptual framework for financial reporting. It provides a comprehensive set of concepts for preparing financial statements, including the objective and status of the framework. It also defines the elements of financial statements, such as recognition and measurement criteria. The lesson explains the basic accounting concepts and principles, as the conceptual framework establishes the foundation for financial reporting. It emphasizes that understanding this theoretical framework is important, as it covers 16% of the questions on the CPA exam.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
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    MODULE

    1
    Conceptual Framework
    for Financial Reporting
    The conceptual framework provides a comprehensive set of concepts for financial reporting. It discusses the
    objective and status of the conceptual framework, the qualitative characteristics of useful financial
    information, and the definition, recognition, and derecognition criteria and measurement bases for the
    elements of the financial statements. It also presents the concepts of capital and capital maintenance.

    This module consists of one lesson which explains the conceptual framework for financial reporting. The
    lesson provides a recap of the basic accounting concepts and principles already discussed in financial
    accounting and reporting. Since this lesson is purely theoretical, as it establishes the foundation of financial
    reporting of economic entities, you need to invest more time, effort, and indulgence in understanding the
    framework. This topic consists the 16% of the questions in the financial accounting and reporting subject of
    the Licensure Examination for Certified Public Accountants. If you want to pass the board examination, you
    need to learn this subject by heart.

    LESSON
    1 Conceptual Framework for Financial Reporting

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