ACC2014 Financial Accounting

Lecture 1: Financial Reporting and International Financial Reporting Standards

Lecturer: Dr Ho Wai Kee
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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

AGENDA

01 Objective of Financial Reporting

02 Role of International Accounting Standard Board

03 Scope of International Financial Reporting Standards

These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021
These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
Our Vision: To be a World Class University
is prohibited by law and a punishable offence. ©2021
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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

FINANCIAL
ACCOUNTING VS REPORTING

The system of recording and summarizing The process of identifying, measuring and
business and financial transactions and communicating economic information to others so that
analysing, verifying, and reporting the they may make decisions on the basis of that information
results. and assess the stewardship of the entity’s management.

RECORDING PRESENTING

GROUPING

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

OBJECTIVE OF FINANCIAL
REPORTING

Preparation of published financial information

PRINCIPLES STANDARDS

Generally Acceptable Accounting International Financial Reporting

Principles (GAAP) Standards (IFRSs)

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

Old Current

INTERNATIONAL INTERNATIONAL
ACCOUNTING STANDARDS ACCOUNTING STANDARDS
COMMITTEE BOARD

Issues International Accounting Standards (IASs) Issues International Financial Reporting Standards
(IFRSs)

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

INTERNATIONAL FINANCIAL
REPORTING INTERPRETATION
COMMITTEE (IFRIC)

Prepare interpretations of IFRSs Provide guidance on financial reporting

issues.

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

ORGANISATION STRUCTURE OF THE IASB

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

LIST OF IFRS STANDARDS

https://www.ifrs.org/issued-standards/list-of-standards/

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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

INTERNATIONAL
ACCOUNTING STANDARDS
BOARD

AUTHORITY

Developing and publishing IFRSs and Has NO AUTHORITY to require

promoting the use of those standards in compliance with its accounting standards.
general purpose financial statements and
other financial reporting.

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is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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ACC2014 Financial Accounting L1: Financial Reporting and International Financial Reporting Standards

IFRSs

General Purpose Financial Statement

Assists in the interpretation of a Improve user’s ability to make

complete set of financial statements. efficient economic decisions.

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is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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 THANK YOU
These teaching materials are protected under the Copyright Act 1987. Duplication, in any form, including digitally,
is prohibited by law and a punishable offence. ©2021 Our Vision: To be a World Class University
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