Topic 1 - Conceptual framework-SV
Topic 1 - Conceptual framework-SV
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Conceptual
Framework
For Financial Reporting
Learning objectives
3
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5
Organizational
structure of
IASB
Ø The IASC Foundation is an independent
foundation based in the US.
10
Conceptual Framework
V2018
11
Appendix – IASB Conceptual Framework
12
The Conceptual Framework
It is not an accounting standard
Conceptual
Framework
establishes the
It is a guidance to the concepts that underlie
preparation and presentation of financial reporting.
financial statements
13
Structure of some IFRS 14
Rules/Application guidance
Rules Rules
IFRS
(Exceptions) (interpretations)
Principles
CF Concepts
IFRS
thuhien-16 15
1
6
Convergence
IFRS Topic Project
IAS 29 Hyperinflation
IAS 32 Financial Instruments – presentation
IAS 33 Earnings per share
17
IAS 41 Agriculture
18
Apr 2001
The Framework was adopted by the IASB.
Sep 2010
The Conceptual Framework for Financial
Reporting 2010 was approved by the IASB.
Mar 2018
WWW.IFRS.ORG
21
Contents of the conceptual framework
22
Conceptual framework 2018
The objective of general
purpose financial reporting
assess of the
amount, timing and
uncertainty of (the
prospects for) future
net cash inflows to
the entity
assess of
management’s
stewardship of the
entity’s economic
resources
25
Information to make decisions
Claims
Economic resources
Changes in economic
Changes in economic resources and claims not
resources and claims by resulting from financial
financial performance performance
26
27
Qualitative
characteristics of
useful financial
information
28
Relevance
Conceptual Framework
for Financial Reporting
29
Fundamental qualitative characteristics
Fundamental Quality—Relevance
LO 4
Fundamental qualitative characteristics
Fundamental Quality—Relevance
LO 4
Fundamental qualitative characteristics
Fundamental Quality—Relevance
LO 4
Fundamental qualitative characteristics
Fundamental Quality—Relevance
LO 4
Faithful Representation
Conceptual Framework
for Financial Reporting
34
Fundamental qualitative characteristics
LO 4
Fundamental qualitative characteristics
LO 4
Fundamental qualitative characteristics
LO 4
Fundamental qualitative characteristics
LO 4
39
Application
Application
Example
Enhancing Qualities
LO 4
Enhancing qualitative characteristics
Enhancing Qualities
LO 4
Enhancing qualitative characteristics
Enhancing Qualities
LO 4
Enhancing qualitative characteristics
Enhancing Qualities
LO 4
Qualitative characteristics - Exercises
Exercise: Identify the qualitative characteristic(s) to be used given
the information provided. Characteristics
(a) Qualitative characteristic being Relevance
displayed when companies in the Faithful representation
same industry are using the same Predictive value
accounting principles.
Confirmatory value
(b) Quality of information that confirms Neutrality
users’ earlier expectations.
Materiality
(c) Imperative for providing comparisons Timeliness
of a company from period to period.
Verifiability
(d) Ignores the economic consequences Understandability
of a standard or rule. Comparability
LO 5
Qualitative characteristics - Exercises
Exercise: Identify the qualitative characteristic(s) to be used given
the information provided. Characteristics
(e) Requires a high degree of consensus Relevance
among individuals on a given Faithful representation
measurement. Predictive value
(f) Predictive value is an ingredient of this Confirmatory value
fundamental quality of information. Neutrality
(g) Four qualitative characteristics that Materiality
enhance both relevance and faithful Timeliness
representation.
Verifiability
(h) An item is not reported because its Understandability
effect on income would not change a Comparability
decision.
LO 5
Qualitative characteristics - Exercises
Exercise: Identify the qualitative characteristic(s) to be used given
the information provided. Characteristics
(i) Neutrality is a key ingredient of this Relevance
fundamental quality of accounting Faithful representation
information. Predictive value
(j) Two fundamental qualities that make Confirmatory value
accounting information useful for Neutrality
decision-making purposes.
Materiality
(k) Issuance of interim reports is an Timeliness
example of what enhancing
Verifiability
ingredient?
Understandability
Comparability
LO 5
49
Financial statements and reporting entity
Liquidity
Current liability
Current asset
Non current liability
50
Financial statements and reporting entity
Statement of comprehensive income
Revenue
Profit or loss from operating
Expenses activity
51
Financial statements and reporting entity
Statement of changes in equity
Share Retain Revaluation
Total
capital earnings surplus
Balance as at 1/1/X6
Retrospective application
Issuance of new share
Dividend
Transfers between equity components
Balance as at 31/12/X6 Changes in Resources & claims
NOT from financial performance
debt or equity instruments
52
Financial statements and reporting entity
Statement of cash flows
53
54
Basic elements
Conceptual Framework
for Financial Reporting
55
The elements of financial statements
Asset Income
Liability
Equity
Expenses
56
Basic elements
Elements of Financial Statements
Asset
A present obligation of the entity to
transfer an economic resource as a result
Liability
of past events.
Equity t i on of the
a
s e n t oblig t
Ap r e
g f r o m pas
arisin ent of
entity t t le m
Income e nt s , the se t o result
ev e d
h is e xpect entity
whic m t h e
u t f low fro
in an o
e m b odying
Expenses r es ources
o f
b e n efits.
mic
econo
LO 5
Basic elements
Elements of Financial Statements
Asset
Liability
Income
Expenses
LO 5
Basic elements
Elements of Financial Statements
Asset
Liability
Asset
Liability
LO 6
Basic assumptions
Economic entity
Company keeps its activity separate from its
owners and other business unit.
Accrual
Going concern
Transactions are recorded in the periods in which
the events occur. Company to last long enough to fulfill objectives
and commitments.
65
How recognition links the elements of financial statement
Principles
Recognition
is the process of capturing
for inclusion in the
statement of financial
position or the statement(s)
of financial performance an
item that meets the
definition of one of the
elements of financial
statements—an asset, a
liability, equity, income or
expenses.
66
Recognition criteria
When?
67
Recognition criteria
whether recognition of an item results in relevant
information may be affected
v by, for example:
68
Recognition criteria
a faithful representation may be affected by the level of
measurement uncertainty or by other factors.
v
69
Derecognition
Derecognition is the
removal of all or part of a
recognised asset or
liability from an entity’s
statement of financial › derecognition
› derecognition
Liabilities
position. normally occurs
normally occurs
Assets
71
Chapter 5: Recognition and
Derecognition
72
Measurement
Historical cost Current cost
Assets are recorded at the amount of cash or Assets are carried at the ptual F
ram ework
C onc e
amount of cash or cash 2010
cash equivalent paid or the fair value of the
consideration given to acquire them. equivalent that would be
Liabilities are recorded at the amount of paid if the asset were
proceeds received in exchange for the debt. acquired currently.
Liabilities are carried at
the discounted value or
Realisable value cash equivalent that would
Assets are carried at the be required to settle the
amount of cash or cash debt currently.
equivalent that could
currently be obtained by
selling the asset in an Present value
orderly disposal. The Assets are carried at the discounted value of
liabilities are carried at the future cash inflows that the items are
their settlement values expected to generate in the normal course of
being undiscounted business. Liabilities are carried at the
amounts of cash that need discounted value of the future net cash
to be paid in the course of outflows required to settle the liabilities in the
business. normal course of business.
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74
Measurement
Ø Measurement bases ram ework
onc eptual F
C 2018
Ø Factors to consider when selecting a measurement basis
Ø Measurement bases
Ø historical cost, amortized cost, carrying amount... Ø fair value, value in use, fulfilment value is
Ø Derived from the transaction or event that updated at measurement date.
created them Ø capture any positive or negative changes
Ø Do not reflect changes in prices, do reflect
change in consumption (depreciation or
amortization), impairment, or fulfilment.
Ø historical cost of the asset is no longer
recoverable. 75
Measurement
Ø Measurement bases ram ework
onc eptual F
C 2018
Ø Factors to consider when selecting a measurement basis
76
Cost constraint
Cost Constraint
Companies must weigh the costs of providing the information
against the benefits that can be derived from using it.
LO 8
Measurement
Measurement
79
Presentation and disclosure
CLASSIFICATION
Offsetting
Ø Classification of equity
80
Presentation and disclosure principles
Effective communication in
financial statements
› duplication of information in
› entity-specific information is
different parts of the financial
more useful than standardised
statements is usually
descriptions, sometimes
unnecessary and can make
referred to as ‘boilerplate’
financial statements less
understandable.
81
Classification
01 Classification is applied to the unit of account selected
for an asset or liability.
Classification
of assets and 02
Offsetting
Offsetting occurs when an entity recognises and
measures both an asset and liability as separate units
liabilities
of account, but groups them into a single net amount in
the statement of financial position.
82
Classification of equity
83
Classification of income and expenses
Classification is applied to
(a) income and expenses resulting from the unit of account selected for an asset or liability; or
(b) components of such income and expenses if those components have different characteristics and are
identified separately.
Recycling
• In principle, income and expenses included in other comprehensive income in one period are recycled to
the statement of profit or loss in a future period when doing so results in the statement of profit or loss
providing more relevant information or a more faithful representation
• When recycling does not result in the statement of profit or loss providing more relevant information or a
more faithful representation, the Board may decide income and expenses included in other comprehensive
income are not to be subsequently recycled
85
Capital concept
Capital can be
• the net assets of an entity or
• the amount of capital contributed by
the owners plus increases in the net
assets that remain in the entity.
86
Concepts of capital maintenance
Capital = Net asset or equity of the entity. Capital = Productive capacity of the entity (measured as
units of output per day)
Used if the main concern of the user of the financial
statements is the maintenance of the nominal value Used if the main concern of the user of the financial
invested capital. statements is the operating capacity of the entity.
Profit is the difference in money terms between the Profit is earned only if the operating capacity at the end of
opening and closing capital excluding any contributions the period exceeds that of the beginning of the period.
from and distribution to owners.
87
Concepts of capital maintenance
Ø All price changes of the assets Ø Increases in the prices of Ø Only that part of the increase
and liabilities are viewed as assets may not be recognized in the prices of assets that
changes in the measurement until the assets are disposed exceeds the increase in the
Increase in the of the physical productive
capacity of the entity è as
of in an exchange transaction. general level of prices is
regarded as profit. The rest of
prices capital maintenance the increase is treated as a
adjustments that are part of capital maintenance
equity and not as profit. adjustment and, hence, as part
of equity.
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Example
89
Answer
Inventory (31.12.x0)
90
Challenges
91
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Chuẩn mực chung – VAS 01
Thông tư 200/2014-TT-BTC
Luật kế toán số 88/2015/QH13
93
94
• VAS 01 (165/2002/QĐ-BTC)
• Thừa nhận một số nguyên tắc kế toán cơ bản
• Đề ra các yêu cầu của kế toán
• Định nghĩa và đưa ra các điều kiện ghi nhận các yếu
tố của BCTC
95
• Cơ sở dồn tích
• Hoạt động liên tục
• Giá gốc
• Phù hợp
• Thận trọng
• Nhất quán
• Trọng yếu
96
• Trung thực
• Khách quan
• Đầy đủ
• Kịp thời
• Dễ hiểu
• Có thể so sánh
97
Thông tư 200/2014-TT-BTC
1. Báo cáo tài chính dùng để cung cấp thông tin về tình hình tài
chính, tình hình kinh doanh và các luồng tiền của một doanh
nghiệp, đáp ứng yêu cầu quản lý của chủ doanh nghiệp, cơ quan
Nhà nước và nhu cầu hữu ích của những người sử dụng trong việc
đưa ra các quyết định kinh tế. Báo cáo tài chính phải cung cấp
những thông tin của một doanh nghiệp về:
a) Tài sản;
b) Nợ phải trả;
c) Vốn chủ sở hữu;
d) Doanh thu, thu nhập khác, chi phí sản xuất kinh doanh và chi phí
khác;
đ) Lãi, lỗ và phân chia kết quả kinh doanh;
e) Các luồng tiền.
99
Điều 100. Hệ thống Báo cáo tài chính của doanh nghiệp
Điều 101. Yêu cầu đối với thông tin trình bày trong Báo cáo tài chính
1. Thông tin trình bày trên Báo cáo tài chính phải phản ánh trung
thực, hợp lý tình hình tài chính, tình hình và kết quả kinh doanh của
doanh nghiệp.
Để đảm bảo sự trung thực, thông tin phải có 3 tính chất là đầy đủ,
khách quan, không có sai sót.
2. Thông tin tài chính phải thích hợp để giúp người sử dụng Báo cáo
tài chính dự đoán, phân tích và đưa ra các quyết định kinh tế.
3. Thông tin tài chính phải được trình bày đầy đủ trên mọi khía cạnh
trọng yếu.
4. Thông tin phải đảm bảo có thể kiểm chứng, kịp thời và dễ hiểu.
5. Thông tin tài chính phải được trình bày nhất quán và có thể so
sánh giữa các kỳ kế toán; So sánh được giữa các doanh nghiệp với
nhau.
101
VAS 200: Khuôn khổ về lập và trình bày báo cáo tài chính thường
bao gồm: Luật Kế toán, chuẩn mực kế toán, chế độ kế toán và các
quy định pháp lý có liên quan đến việc lập và trình bày báo cáo tài
chính. Trong một số trường hợp, việc lập và trình bày báo cáo tài
chính còn phải tuân theo các quy định và hướng dẫn sau:
•Môi trường pháp lý và đạo đức, như các luật, các quy định, phán
quyết của tòa án, chuẩn mực và các quy định về đạo đức nghề nghiệp
kế toán;
•Các hướng dẫn về chuẩn mực kế toán do các cơ quan, tổ chức có
chức năng soạn thảo chuẩn mực hoặc tổ chức nghề nghiệp ban hành;
•Các hướng dẫn xử lý tình huống kế toán cụ thể do các cơ quan, tổ
chức có chức năng soạn thảo chuẩn mực hoặc tổ chức nghề nghiệp
ban hành;
•Các thông lệ kế toán có tính phổ biến và đặc thù được thừa nhận
rộng rãi.
102
The
End!
Address: Contact:
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District 1, HCMC, Vietnam University of Economics, HCMC
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