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Conceptural FrameworkIAS 1 — Presentation of Financial Statements IAS 7 — Statement of Cash Flows IFRS 3 — Business Combinations IFRS 10 — Consolidated Financial Statements IFRS 11 — Joi

IASB Conceptual Framework

Conceptural Framework

IAS 1 — Presentation of Financial Statements IAS 7 — Statement of Cash Flows

IFRS 3 — Business Combinations

IFRS 10 — Consolidated Financial Statements

IFRS 11 — Joint Arrangements

IFRS 13 — Fair Value Measurement

IFRS 12 — Disclosure of Interests in Other Entities

IAS 26 — Accounting and Reporting by Retirement Benefit Plans

IAS 10 — Events After the Reporting Period

IAS 16 — Property, Plant and Equipment IAS 17 — Leases

IAS 19 — Employee Benefits

IAS 20 — Accounting for Government Grants and Disclosure of Government Assistance

IAS 21 — The Effects

of Changes in Foreign Exchange Rates

IAS 23 — Borrowing Costs

Contracts

IFRS 9 — Financial

Instruments

IAS 12 — Income Taxes

IAS 24 — Related Party Disclosures

IAS 27 — Separate Financial Statements IAS 28 — Investments in

Associates and Joint Ventures

of Banks and Similar Financial Institutions

IAS 34 — Interim Financial Reporting

IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors

1989 – The Framework for the preparation and presentation of the Financial Statements

2010 – Framework for the Preparation and Presentation of Financial Statements

2015 - Conceptual Framework for Financial Reporting – Exposure draft

Definition Conceptual framework

sets out the concepts that underlie the preparation and presentation of financial

statements

IFRS/IAS

(Conceptual Framework) Accounting

theory

Role of the Conceptual Framework

➢ to set standards

✓ enhances consistency across standards

✓ enhances consistency over time as Board members change

✓ provides benchmark for judgments

➢ to develop accounting policies in the absence of specific standard or

interpretation

Contents of the Conceptual Framework

Chapter 1: The objective of general purpose financial reporting

Chapter 2: The reporting entity

Chapter 3: Qualitative characteristics of useful financial information

Chapter 4: The Framework (1989): The remaining text

Underlying assumptionThe elements of financial statementsRecognition of the elements of financial statementsMeasurement of elements of financial statementsConcepts of capital and capital maintenance

CF 2010

Contents of the Conceptual Framework

Chapter 1: The objectives of general purpose financial reporting

Chapter 2: Qualitative characteristics of useful financial information

Chapter 3: Financial statements and the reporting entity

Chapter 4: The elements of financial statements

Chapter 5: Recognition and derecognition

Chapter 6: Measurement

Chapter 7: Presentation and disclosure

Chapter 8: Concepts of capital and capital maintenance

CF Exposure draft 2015

1 The objective of general purpose financial reporting

about providing resources to the entity

buying, selling or holding equity and debt instruments, and providing or settling loans and other forms of credit

Useful financial information - What?

Economic resources & claims Changes in resources & claims Changes in cash flows

Risk ?Premium ?

Useful financial information: Where?

Statement of financial position

Economic rescources & claims

Strengths & weaknesses Liquidity & solvency

Current asset

Current liability

Liquidity

Non current asset

Non current liability

Equity

Useful financial information: Where?

Statement of comprehensive income

Profit or loss from operating activity

Profit or loss from other

activity

Profit or loss from financial

activity

Other comprehensive income

Changes in resources & claims from financial performance

- Components of that return

 Efficiently effective use of the

reporting entity’s resources

Useful financial information: Where?

Statement of changes in equity

Changes in Resources & claims NOT from financial performance

debt or equity instruments

Share capital

Retain earnings

Revaluation surplus Total

Useful financial information: Where?

Statement of cash flows

Changes in cash flows

Cash generating ability Cash usage

Net cash from operating activities

Net cash from investing activities

Net cash from financing activities

2 Qualitative characteristic

➢ to provide useful financial information

➢ apply to financial information provided in financial statements

verifiability timeliness understandability

➢ enhance the usefulness of information

➢ either individually or as a group

➢ the enhancing qualitative characteristics cannot make information useful if that information is irrelevant or not faithfully represented.

Fundamental qualitative characteristics- Relevance

Relevant financial information  capable of making a difference in decisions 

predictive value and confirmatory value

What information should be reported ? RevenueSegment revenue

Gains, surplus

How information should be measured? Current value or historical cost

Materiality:

➢ aspect of relevance

➢ Information is material if omitting it or misstating it could influence decisions of users

➢ Based on the nature or magnitude, or both

Fundamental qualitative characteristics-Faithful representation

faithfully represent the phenomena that it purports to represent

➢ All information necessary to

understand the phenomenon

➢ Descriptions & explanations

➢ does not mean perfectly accurate

in all respects

Applying the fundamental qualitative characteristics

Identify an economic phenomenon

Identify the type of information

Enhancing qualitative characteristics Comparability

➢ information is more useful if it can be compared with similar information about other entities and with similar information about the same entity for another period

or another date.

➢ Consistency help to achieve comparability

Verifiability

➢ knowledgeable and independent observers could reach consensus

➢ Verification can be direct or indirect

Enhancing qualitative characteristics

Timeliness

➢ in time to be capable of influencing their decisions

Understandability

➢ Clearly and concisely.

➢ Complex phenomena and difficult to understand would be reported

➢ For users who have a reasonable knowledge of business and economic activities

The cost constraint on useful financial reporting

➢ Reporting financial information imposes costs, and it is important that those costs are justified by the benefits of reporting that information

➢ Costs and benefits to consider.

3 Assumption

Going concern

➢ The reporting entity is a going concern and will continue in operation for the foreseeable future.

➢ The entity has neither the intention nor the need to liquidate or cease trading.

➢ An intention or need exists, the financial statements may have to be prepared on a

different basis and, if so, the basis used is disclosed in the financial statements.

4 The elements of financial statements

The elements of financial statements- Definition

Asset

➢ is a present economic resource controlled by the entity as a result of past events

➢ An economic resource is a right that has the potential to produce economic benefits

Liability

➢ is a present obligation of the entity to transfer an economic resource as a result of

past events

Equity

➢ is the residual interest in the assets of the entity after deducting all its liabilities.

 Asset = Liability + Equity

The elements of financial statements- Definition

5 Recognition

Assets, liabilities, equity

at the beginning

Income & expenses

Contributions from holders

of equity claims &

distributions to equity claims

What?

Increase asset, orDecrease liability

Decrease asset, orIncrease liability

when

➢ loses control of all or part of the asset

➢ no longer has a present obligation for all or part of the liability

CF exposure draft 2015

6 Measurement CF 1989, 2010

➢ Historical cost Assets are recorded at the amount of cash or cash equivalents paid or the fair value of theconsideration given to acquire them at the time of their acquisition

➢ Current cost Assets are carried at the amount of cash or cash equivalents that would have to be paid ifthe same or an equivalent asset was acquired currently

➢ Realizable (settlement) value Assets are carried at the amount of cash or cash equivalents thatcould currently be obtained by selling the asset in an orderly disposal

➢ Present value Assets are carried at the present discounted value of the future net cash inflows that theitem is expected to generate in the normal course of business

Công ty Tiền Phong mua một lô hàng vào ngày 12.1.20X0 với giá mua 36 triệu đồng (chưa thuế GTGT 10%, thuế được khấu trừ), chi phí vận chuyển bốc dỡ về kho là 600.000 đồng Lô hàng này còn tồn kho vào ngày 31.12.20X0 Giá phải trả để mua lô hàng này vào thời điểm 31.12.20X0 là

45 triệu đồng (chưa thuế 10%) với chi phí vận chuyển bốc dỡ khoảng 800.000 đồng Tuy nhiên, do lô hàng bị giảm chất lượng về tồn kho lâu nên giá có thể bán được chỉ vào khoảng 18 triệu đồng (chưa thuế GTGT 10%), chi phí liên quan đến tiêu thụ ước tính 600.000 đồng Hãy tính giá trị của lô hàng trên vào thời điểm 31.12.20X0 xác định theo các phương pháp khác nhau là: Giá gốc

Giá trị thuần có thể thực hiện

Giá hiện hành

36,6 triệu đồng

17,4 triệu đồng45,8 triệu đồng

Measurement CF exposure draft 2015

➢ Measurement bases

➢ Factors to consider when selecting a measurement basis

Measurement bases CF exposure draft 2015

➢ historical cost, amortized cost, carrying amount

➢ Derived from the transaction or event that

created them

➢ Do not reflect changes in prices, do reflect

change in consumption (depreciation or

amortization), impairment, or fulfilment

➢ historical cost of the asset is no longer

recoverable

Historical cost Current value

➢ fair value, fulfilment value is updated atmeasurement date

➢ capture any positive or negative changes

Factors to consider when selecting a measurement basis

CF exposure draft 2015

➢ Must be relevant and it must faithfully represent what it purports to represent

➢ Should, as far as possible, be comparable, verifiable, timely and understandable

➢ Benefits of the information must be sufficient to justify the cost of providing that information

7 Concepts of capital and capital maintenance

Concepts of capital

Concepts of capital maintenance and the determination of profit

7/12/2017 LÊ VŨ NGỌC THANH - HOÀNG TRỌNG HIỆP 34

Financial concept of capital Physical concept of capital

Such as invested money or invested purchasing

power, capital is synonymous with the net assets or

equity of the entity

Such as oprerating capability, capital is regarded asthe productive capacity of the entity based on,for example, units of output per day

Concepts of capital

Concepts of capital maintenance and the

determination of profit

Physical capital maintenance

Financial capital maintenance

constant purchasing power)

Profit = the net assets at the end of the period

- the financial (or money) amount of net assets at the

beginning of the period

(after excluding any distributions to, and contributions

from, owners holders of equity claims during the

(after excluding any distributions to, and contributionsfrom owners holders of equity claims during the period)

Changes in the prices of assets and liabilities

The principal difference between the two concepts of capital maintenance

Financial capital maintenance - nominal monetary units

➢ Profit represents the increase in nominal money capital over the period

➢ Increases in the prices of assets referred to as holding gains (profits), but may not be recognized until the assets are disposed of in an exchange transaction

Financial capital maintenance - constant purchasing power units

➢ Profit represents the increase in invested purchasing power over the period

➢ Only that part of the increase in the prices of assets that exceeds the increase in the general level

of prices is regarded as profit The rest of the increase is treated as a capital maintenanceadjustment and, hence, as part of equity

Changes in the prices of assets and liabilities (cont)

Physical capital maintenance

➢ Profit represents the increase in that capital over the period

➢ All price changes of the assets and liabilities are viewed as changes in the measurement of the physical productive capacity of the entity  as capital maintenance adjustments that are part of equity and not as profit

Ex Capital maintenance

On 1 Jan X0, an inventory was purchased with the price of 100 CU On 31 Dec X0, the purchasing power increase by 10% The current value of the inventory was 130 CU The inventory was sold on 1/1/ X1 at the price of 150 CU.

Required: Calculate the carrying amount of inventory, P/L and OCI under different capital maintenance views.

monetary

Purchasing power

Financial concept of capital Physical concept of capital

Financial capitalmaintenance - nominalmonetary units

Financial capitalmaintenance - constantpurchasing power units

Physical capital maintenance

Concepts of capital

Capital maintenance

Historical costRecoverable costNet realizable value

1979 - 1986 1979 - 1986 Fair value