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1、History of the Framework编报财务报表的框架April1989Framework for the Preparation and Presentation of Financial Statements (the Framework) was approved by the IASC BoardJuly1989Framework was publishedApril2001Framework adopted by the IASB.September2010Conceptual Framework for Financial Reporting 2010 (the IFR
2、S Framework) approved by the IASBRelated Interpretations NoneAmendments under consideration by the IASB IASB Project on Conceptual Framework. Purpose and status of the FrameworkThe IFRS Framework describes the basic concepts that underlie the preparation and presentation of financial statements for
3、external users. The IFRS Framework serves as a guide to the Board in developing future IFRSs and as a guide to resolving accounting issues that are not addressed directly in an International Accounting Standard or International Financial Reporting Standard or Interpretation.In the absence of a Stand
4、ard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recogn
5、ition criteria, and measurement concepts for assets, liabilities, income, and expenses in the IFRS Framework. This elevation of the importance of the IFRS Framework was added in the 2003 revisions to IAS 8.The IFRS FrameworkScopeThe IFRS Framework addresses: the objective of financial reporting the
6、qualitative characteristics of useful financial information the reporting entity the definition, recognition and measurement of the elements from which financial statements are constructed concepts of capital and capital maintenance IFRS Framework, Scope Chapter 1: The Objective of general purpose f
7、inancial reportingThe primary users of general purpose financial reporting are present and potential investors, lenders and other creditors, who use that information to make decisions about buying, selling or holding equity or debt instruments and providing or settling loans or other forms of credit
8、. F OB2The primary users need information about the resources of the entity not only to assess an entitys prospects for future net cash inflows but also how effectively and efficiently management has discharged their responsibilities to use the entitys existing resources (i.e., stewardship). F OB4Th
9、e IFRS Framework notes that general purpose financial reports cannot provide all the information that users may need to make economic decisions. They will need to consider pertinent information from other sources as well. F OB6The IFRS Framework notes that other parties, including prudential and mar
10、ket regulators, may find general purpose financial reports useful. However, the Board considered that the objectives of general purpose financial reporting and the objectives of financial regulation may not be consistent. Hence, regulators are not considered a primary user and general purpose financ
11、ial reports are not primarily directed to regulators or other parties. F OB10 and F BC1.20-BC 1.23Information about a reporting entitys economic resources, claims, and changes in resources and claimsEconomic resources and claimsInformation about the nature and amounts of a reporting entitys economic
12、 resources and claims assists users to assess that entitys financial strengths and weaknesses; to assess liquidity and solvency, and its need and ability to obtain financing. Information about the claims and payment requirements assists users to predict how future cash flows will be distributed amon
13、g those with a claim on the reporting entity. F OB13A reporting entitys economic resources and claims are reported in the statement of financial position. See IAS 1.54-80AChanges in economic resources and claimsChanges in a reporting entitys economic resources and claims result from that entitys per
14、formance and from other events or transactions such as issuing debt or equity instruments. Users need to be able to distinguish between both of these changes. F OB15Financial performance reflected by accrual accountingInformation about a reporting entitys financial performance during a period, repre
15、senting changes in economic resources and claims other than those obtained directly from investors and creditors, is useful in assessing the entitys past and future ability to generate net cash inflows. Such information may also indicate the extent to which general economic events have changed the e
16、ntitys ability to generate future cash inflows. F OB18-OB19The changes in an entitys economic resources and claims are presented in the statement of comprehensive income. See IAS 1.81-105Financial performance reflected by past cash flowsInformation about a reporting entitys cash flows during the rep
17、orting period also assists users to assess the entitys ability to generate future net cash inflows. This information indicates how the entity obtains and spends cash, including information about its borrowing and repayment of debt, cash dividends to shareholders, etc. F OB20The changes in the entity
18、s cash flows are presented in the statement of cash flows. See IAS 7Changes in economic resources and claims not resulting from financial performanceInformation about changes in an entitys economic resources and claims resulting from events and transactions other than financial performance, such as
19、the issue of equity instruments or distributions of cash or other assets to shareholders is necessary to complete the picture of the total change in the entitys economic resources and claims. F OB21The changes in an entitys economic resources and claims not resulting from financial performance is pr
20、esented in the statement of changes in equity. See IAS 1.106-110Chapter 2: The Reporting entityThe chapter on the Reporting Entity will be inserted once the IASB has completed its re-deliberations following the Exposure Draft ED/2010/2 issued in March 2010.Chapter 3: Qualitative characteristics of u
21、seful financial informationThe qualitative characteristics of useful financial reporting identify the types of information are likely to be most useful to users in making decisions about the reporting entity on the basis of information in its financial report. The qualitative characteristics apply e
22、qually to financial information in general purpose financial reports as well as to financial information provided in other ways. F QC1, QC3Financial information is useful when it is relevant and represents faithfully what it purports to represent. The usefulness of financial information is enhanced
23、if it is comparable, verifiable, timely and understandable. F QC4Fundamental qualitative characteristicsRelevance and faithful representation are the fundamental qualitative characteristics of useful financial information. F QC5RelevanceRelevant financial information is capable of making a differenc
24、e in the decisions made by users. Financial information is capable of making a difference in decisions if it has predictive value, confirmatory value, or both. The predictive value and confirmatory value of financial information are interrelated. F QC6-QC10Materiality is an entity-specific aspect of
25、 relevance based on the nature or magnitude (or both) of the items to which the information relates in the context of an individual entitys financial report. F QC11Faithful representationGeneral purpose financial reports represent economic phenomena in words and numbers, To be useful, financial info
26、rmation must not only be relevant, it must also represent faithfully the phenomena it purports to represent. This fundamental characteristic seeks to maximise the underlying characteristics of completeness, neutrality and freedom from error. F QC12 Information must be both relevant and faithfully re
27、presented if it is to be useful. F QC17Enhancing qualitative characteristicsComparability, verifiability, timeliness and understandability are qualitative characteristics that enhance the usefulness of information that is relevant and faithfully represented. F QC19ComparabilityInformation about a re
28、porting entity is more useful if it can be compared with a similar information about other entities and with similar information about the same entity for another period or another date. Comparability enables users to identify and understand similarities in, and differences among, items. F QC20-QC21
29、VerifiabilityVerifiability helps to assure users that information represents faithfully the economic phenomena it purports to represent. Verifiability means that different knowledgeable and independent observers could reach consensus, although not necessarily complete agreement, that a particular de
30、piction is a faithful representation. F QC26TimelinessTimeliness means that information is available to decision-makers in time to be capable of influencing their decisions. F QC29UnderstandabilityClassifying, characterising and presenting information clearly and concisely makes it understandable. W
31、hile some phenomena are inherently complex and cannot be made easy to understand, to exclude such information would make financial reports incomplete and potentially misleading. Financial reports are prepared for users who have a reasonable knowledge of business and economic activities and who revie
32、w and analyse the information with diligence. F QC30-QC32Applying the enhancing qualitative characteristicsEnhancing qualitative characteristics should be maximised to the extent necessary. However, enhancing qualitative characteristics (either individually or collectively) render information useful
33、 if that information is irrelevant or not represented faithfully. F QC33The cost constraint on useful financial reportingCost is a pervasive constraint on the information that can be provided by general purpose financial reporting. Reporting such information imposes costs and those costs should be j
34、ustified by the benefits of reporting that information. The IASB assesses costs and benefits in relation to financial reporting generally, and not solely in relation to individual reporting entities. The IASB will consider whether different sizes of entities and other factors justify different repor
35、ting requirements in certain situations. F QC35-QC39Chapter 4: The Framework: the remaining textChapter 4 contains the remaining text of the Framework approved in 1989. As the project to revise the Framework progresses, relevant paragraphs in Chapter 4 will be deleted and replaced by new Chapters in
36、 the IFRS Framework. Until it is replaced, a paragraph in Chapter 4 has the same level of authority within IFRSs as those in Chapters 1-3.Underlying assumptionThe IFRS Framework states that the going concern assumption is an underlying assumption. Thus, the financial statements presume that an entit
37、y will continue in operation indefinitely or, if that presumption is not valid, disclosure and a different basis of reporting are required. F 4.1The elements of financial statementsFinancial statements portray the financial effects of transactions and other events by grouping them into broad classes
38、 according to their economic characteristics. These broad classes are termed the elements of financial statements.The elements directly related to financial position (balance sheet) are: F 4.4 Assets Liabilities Equity The elements directly related to performance (income statement) are: F 4.25 Incom
39、e Expenses The cash flow statement reflects both income statement elements and some changes in balance sheet elements.Definitions of the elements relating to financial position Asset. An asset is a resource controlled by the entity as a result of past events and from which future economic benefits a
40、re expected to flow to the entity. F 4.4(a) Liability. A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits. F 4.4(b) Equity. Equity is the residual interest in
41、 the assets of the entity after deducting all its liabilities. F 4.4(c) Definitions of the elements relating to performance Income. Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increa
42、ses in equity, other than those relating to contributions from equity participants. F 4.25(a) Expense. Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than
43、 those relating to distributions to equity participants. F 4.25(b) The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends, royaltie
44、s and rent. Gains represent other items that meet the definition of income and may, or may not, arise in the course of the ordinary activities of an entity. Gains represent increases in economic benefits and as such are no different in nature from revenue. Hence, they are not regarded as constitutin
45、g a separate element in the IFRS Framework. F 4.29 and F 4.30The definition of expenses encompasses losses as well as those expenses that arise in the course of the ordinary activities of the entity. Expenses that arise in the course of the ordinary activities of the entity include, for example, cos
46、t of sales, wages and depreciation. They usually take the form of an outflow or depletion of assets such as cash and cash equivalents, inventory, property, plant and equipment. Losses represent other items that meet the definition of expenses and may, or may not, arise in the course of the ordinary
47、activities of the entity. Losses represent decreases in economic benefits and as such they are no different in nature from other expenses. Hence, they are not regarded as a separate element in this Framework. F 4.33 and F 4.34Recognition of the elements of financial statementsRecognition is the proc
48、ess of incorporating in the balance sheet or income statement an item that meets the definition of an element and satisfies the following criteria for recognition: F 4.37 and F 4.38 It is probable that any future economic benefit associated with the item will flow to or from the entity; and The items cost or value can be measured with reliability. Based on these general criteria: An asset is recognised in the balance sheet when it is probable that the future economic benefits will flow to the entity and the asset has a cost or value that can be measured rel