Presentation and Disclosure
Presentation and Disclosure
Based on the provided text from the Conceptual Framework for Financial Reporting, the concepts related to presentation and disclosure are discussed.
The text states:
"The Conceptual Framework deals with concepts that underline the preparation and presentation of financial statements for external users. The purpose of financial statements is to provide information about the financial position, financial performance and cash flows of an entity that is useful to a wide range of users in making economic decisions."
The preparation and the purpose of financial statements for external users, aiming to provide useful information for economic decisions. It doesn't detail specific requirements or principles for how information should be presented or what specific items should be disclosed beyond the definition of the core elements and the discussion of measurement bases.
The text implies that the presentation and disclosure should facilitate the usefulness of the information regarding financial position, performance, and cash flows for users.
- EFFECTIVE COMMUNICATION : FAITHFUL REPRESENTATIVE , RELEVANT INFO OF ASSETS, LIABILITIES, EQUITY, INCOME, UNDERSTANDABILITY, COMPARABILITY OF INFO