60.1K

Verified Solution

Link Copied!

The Conceptual Framework of Financial Reporting governs all accounting operations. A worldwide seminar had been organized for the present ACCA students around the world to help them get an in-depth insight of the same. However due to the spread of the pandemic this seminar was cancelled. In the place of the regular seminar a virtual seminar was conducted using Zoom. The seminar took place on four days. The following banner was put up online specifying what would be discussed. Conceptual Framework for Financial Reporting 2018 ca IFRS box The Objective Qualitative characteristics of General Purpose of Useful Financial Financial Reporting, Information 00 AL The Elements Financial statements and the Reporting Entity Recognition And Derecognition Financial Statements Measurement Presentation and Disclosure Concepts of capital and Capital Maintenance On the fourth day there were two speakers: Dr. Ralf Steward who was the Dean of Cambridge college discussed the seventh point of the Conceptual Framework of Financial reporting covering the objectives and principles of proper presentation and disclosures in financial statements along with an analysis of what assets, liabilities and offsetting entails. He also included in his speech the various classifications of Equity as according to General purpose financial reporting. Dr. Frank Jacquelin who was the Dean of the Philippines institute of Technology in Philippines discussed the eighth point of the Financial framework giving a detailed insight into the concepts of capital, capital maintenance, determination of profits and capital maintenance adjustments. Required: Assume that you are an attendee of the virtual seminar. You are required to prepare detailed notes for your future reference covering all the points discussed by both Dr. Ralf Steward and Dr. Frank Jacquelin on the seventh and eighth points of the Conceptual Framework of Financial Reporting

Answer & Explanation Solved by verified expert

See Answer