Reporting Framework and Ethics - created from Mind Map

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1. Financial Statements

What is Financial Reporting?

Entity

Financial Statements

Requirement to produce financial statements

Filing deadlines

Comparison of UK GAAP and IFRS

The statutory 'true and fair override'

True & fair view

Fair presentation

Financial reporting standards

Judgements and financial statements

2. Purpose and use of financial statements

Users and their information needs

Objective of financial statements

Accountability of management

Financial position, performance and changes in financial position

3. Bases of Accounting

Accrual basis

Going concern basis

Cash basis

Break-up basis

4. The IASB Conceptual Framework

Conceptual framework

Introduction to conceptual framework

Chapter 3: Qualitative characteristics of useful financial information

Chapter 4: The elements of financial statements

Chapter 4: Recognition of the elements of financial statements

Chapter 4: Measurement of the elements of financial statements

Chapter 4: Concepts of capital and capital maintenance

Chapter 1: The objective of general purpose financial reporting

5. The regulatory framework

The IFRS foundation

Membership

The IASB

Objectives of the IASB

The purpose of accounting standards

Application of IFRS

Setting of IFRS

Scope and authority of IFRS

UK regulatory framework

6. Convergence Process

National & international financial reporting

The European Union

IASB and US regulators

Progress in general convergence

Conceptual Framework

Convergence of UK standards and IFRS

7. Inherent limitations of financial statements

Conventionalised representation

Integrated reporting

Backward-looking

Other sources of information

Omission of non-financial information

8. Not-for-profit entities

Not-for-profit entities

Reporting Requirements

International public sector accounting standards

Ethical & professional issues

Preparation and reporting of information

Ethical conflict resolution

Safeguards

Threats

Fundamental Principles

ICAEW Code of Ethics

General duty to report

Inducements

Conflicts of interests

Acting with sufficient expertise

Financial interests

Practical significance

Reporting Framework and Ethics