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  • Conceptual Framework & Key Philippine Financial Reporting Standards

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    Van Valiente
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    This document provides an overview of several Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS). It lists the key standards PAS 1, PAS 7, PAS 8, PAS 34, PAS 33, PFRS 8, PAS 2, PAS 16, PAS 36, and PFRS 5. For each standard, it identifies some of the main topics covered, such as purpose, scope, definitions, recognition and measurement principles, and indicators of impairment. The overall purpose seems to be to outline the conceptual framework and major requirements of selected accounting standards for financial statement presentation, revenue/expense recognition, and asset valuation.

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    Conceptual framework

    Original Title

    Conceptual Framework

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    This document provides an overview of several Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS). It lists the key standards PAS 1, PAS 7, PAS 8, PAS 34, PAS 33, PFRS 8, PAS 2, PAS 16, PAS 36, and PFRS 5. For each standard, it identifies some of the main topics covered, such as purpose, scope, definitions, recognition and measurement principles, and indicators of impairment. The overall purpose seems to be to outline the conceptual framework and major requirements of selected accounting standards for financial statement presentation, revenue/expense recognition, and asset valuation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    5 views2 pages

    Conceptual Framework & Key Philippine Financial Reporting Standards

    Uploaded by

    Van Valiente
    This document provides an overview of several Philippine Financial Reporting Standards (PFRS) and Philippine Accounting Standards (PAS). It lists the key standards PAS 1, PAS 7, PAS 8, PAS 34, PAS 33, PFRS 8, PAS 2, PAS 16, PAS 36, and PFRS 5. For each standard, it identifies some of the main topics covered, such as purpose, scope, definitions, recognition and measurement principles, and indicators of impairment. The overall purpose seems to be to outline the conceptual framework and major requirements of selected accounting standards for financial statement presentation, revenue/expense recognition, and asset valuation.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    Conceptual Framework

    - [ ] Purpose
    - [ ] Primary Users
    - [ ] Chapter title
    - [ ] Qualitative characteristics and its description
    - [ ] The most efficient and effective process for applying the fundamental qualitative characteristics
    - [ ] Unit of account
    - [ ] Definition of the elements
    - [ ] Concept of capital and capital maintenance

    PAS 1 Presentation of Financial Statements


    - [ ] all those included in the discussion (nothing to memorize)

    PAS 7
    Statement of Cash Flows

    - [ ] Be able to identify if its a cash flow from operating or investing or financing

    PAS 8 Accounting Policies, Changes in Accounting Estimates and Errors


    - [ ] all those included in the discussion (nothing to memorize)

    PAS 34
    Interim Financial Reporting

    - [ ] all those included in the discussion (nothing to memorize)

    PAS 33
    Earnings per Share

    - [ ] when required and when to report

    PFRS 8
    Accounting Policies, Changes in Accounting Estimates and Errors

    - [ ] scope
    - [ ] definition
    - [ ] quantitative thresholds/ test
    - [ ] chief decision maker
    PAS 2
    Inventories

    - [ ] definition
    - [ ] recognition
    - [ ] measurement
    - [ ] product vs period
    - [ ] be able to identify if is part of the cost of the inventory (examples in the standard)
    - [ ] recognition as expense

    PAS 16
    Property, Plant and Equipment

    - [ ] SCOPE
    - [ ] definition
    - [ ] RECOGNITION
    - [ ] MEASUREMENT
    - [ ] Examples of Directly attributable costs
    - [ ] bearer plant
    - [ ] revaluation surplus recognition
    - [ ] depreciation expense

    PAS 36
    Impairment of Assets

    - [ ] when an asset is impaired


    - [ ] recognition and presentation of impairment loss

    PFRS 5
    Non-current Assets Held for Sale and Discontinued Operations

    - [ ] definition
    - [ ] classification criteria
    - [ ] presentation
    - [ ] measurement

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