Welcome to the Conceptual Framework for Financial Reporting (the 2018 Conceptual Framework) e-learning module

This module covers the scope and basic concepts by which financial statements are prepared under the revised Conceptual Framework for Financial Reporting and its application in practice. The revised Conceptual Framework for Financial Reporting has an effective date of 1 Januray 2020 (early application permitted) for preparers that use the Conceptual Framework for Financial Reporting to develop accounting policies when no IFRS Standard applies to a particular transaction. By completion of this module, you will be able to:

  • Describe the scope, purpose and underlying assumption (of going concern) of the Conceptual Framework and the objective of general purpose financial reporting
  • Describe and identify the qualitative characteristics of useful financial information
  • Describe the elements and apply the recognition and derecognition criteria of the elements of financial statements
  • Describe the measurement bases, the factors to be considered when selecting a measurement basis, and how information should be presented and disclosed in financial statements.

The duration of this module is about 1.5 hours and there is an assessment at the end of the module to test your knowledge.

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