Purpose of the Conceptual Framework

Summary

Provides the underlying principles for preparing and presenting financial statements, ensuring consistency and comparability.

Key Points

• Sets out objectives and qualitative characteristics of financial reporting.
• Guides the development and application of accounting standards.
• Ensures information is relevant and faithfully represented.

Reference

See: [[ACCA Book-keeping/IACEW PDF.pdf]]

• Chapter 5: The Conceptual Framework, accounting concepts and conventions (pages 97–122)
• Section: "Purpose of the Conceptual Framework"