Conceptual Framework for Financial Reporting

The conceptual framework guides the development of standards. The framework does not impose. In areas not yet covered by standards, it offers guidance. The framework discusses alternatives available for various situations, useful to accountants in making informed choices.

Why this course

The conceptual framework is a crucial step towards building a solid foundation. It offers definitions of terms that almost exclusive to accounting, as well as useful insights in areas that may not have authoritative interpretation anywhere else. Without the pressure of compliance required in formal standards, the framework instead guides the development of such standards. In the same manner, the framework can guide one’s approach and understanding, and empowers the mind into exploring the reason and logic behind certain principles, and why procedures are done in certain ways.

What you will learn

The course follows the order of chapters in the Conceptual Framework for Financial Reporting issued in May 2018. Of priority for students starting out in their studies, is the discussion on the elements of financial statements. The definition and nature of the elements are discussed. These elements are the components of the financial statements and groups transactions of similar nature and effect on financial position and performance. Also covered are the concepts on recognition, measurement, and reporting. A pervasive theme in the discussions is the qualitative characteristics of useful accounting information.

  • Easy enrollment and checkout; online or over-the-counter bank payment, more than 5,000 remittance and payment centers nationwide
  • Course availability anytime, anywhere in any internet enabled device​
  • Note-taking capability at the front end; ability to download or print own notes for later review​
  • Interactive quizzes and activities to test knowledge and recall of key concepts​
  • Online discussion for collaborative learning and building an online community​
  • Private one-on-one consultation with group leader, teacher, or subject matter expert; by appointment​
  • Access to scheduled live interaction, online group meetings, or webinars
  • Free downloadable E-Book at end of course for future review and reference​
  • Administrative tools for group leaders and teachers for class management and monitoring; detailed reports of student performance​

Prepare for a rewarding career in accounting. Build on solid theoretical foundations. Learn the skills and have the functional competence to apply them. ​