Section outline

  • Financial reporting standards provide principles for preparing financial reports and determine the types and amounts of information that must be provided to users
    of financial statements, including investors and creditors, so that they may make informed decisions.  The students should be able to:

    • describe the objective of financial reporting and importance of financial reporting standards in valuation;

    • describe the International Accounting Standards Board's conceptual framework, including qualitative characteristics of financial reports, constraints on financial reports, and required reporting elements;

    • describe general requirements for financial statements under International Financial Reporting Standards (IFRS).