Free ACCA FR Financial Reporting Framework Study Guide

Overview

This module covers the fundamental framework of financial reporting, including regulatory requirements, conceptual framework principles, and accounting policy choices. Topics include qualitative characteristics, recognition measurement bases, and prior period error corrections.

1. Regulatory and conceptual framework

• Purpose of financial statements and qualitative characteristics (Conceptual Framework)
• Recognition and measurement bases
• Capital maintenance and constraints

2. Presentation of financial statements (IAS 1)

• Components and structure of financial statements
• Current vs non-current classification
• Notes, accounting policies, and fair presentation

3. Accounting policies, estimates, and errors (IAS 8)

• Selecting and changing accounting policies
• Changes in accounting estimates
• Prior period errors and restatements