Posted: May 25th, 2022

The International Financial Reporting Standards

Reporting

Accounting Information Systems: General Purpose Reporting According to the Conceptual Framework

The International Financial Reporting Standards Foundation and its development and publication arm, the International Accounting Standards Board, were created for the express and direct purpose of establishing standardized accounting and reporting procedures so as to make accounting knowledge and comparisons more meaningful. Since the creation of these entities, many specific issues have been raised and a host of suggestions, standards, and rules for the reporting of financial information have been adopted, such that the purpose of the Foundation and the Board are being well-served by these activities. In addition, certain general principles and regulations regarding accounting and financial reporting have been laid out, and the purpose of these principles will be discussed below.

General Reporting Principles

The IFRS Foundation and the IASB have published a framework for all of their activities that defines thee purpose and intent of all regulations, standards, and recommendations published by these entities (IASB 2008). The general purpose of this framework is clearly stated as the facilitation of “the consistent and logical formation of IFRSs [international financial reporting standards]” (IASB 2008, p. 64). This includes the “recognition, measurement, presentation and disclosure requirements” of general purpose financial statements and accounting practices, which can be seen as a necessary part of the IASB’s mission (IASB 2008, p. 64).

The International Public Sector Accounting Standards Board, a group very similar in purpose and intent to the IFRS and the IASB though devoted to public entities rather than private corporations operating for a profit has published a similar conceptual framework for general purpose accounting and financial statement standardization (IFAC 2010). An understanding of this parallel document helps to shed some light on the purpose behind the IFRS’s own conceptual framework for general purpose accounting; as the IFAC (2010) puts it, the conceptual framework is meant to “establish and make explicit the concepts that are to be applied in developing” accounting standards and practices, in this instance for public sector entities (p. 3). The conceptual framework developed by the IFRS and IASB is similarly purposed: it defines the concepts and values of general accounting principles.

Because the framework lays out these general principles, it can be seen as a guide for the IASB in its development of future standards, whether they are specific to complex issues that arise in accounting and reporting activities, or are more general in and of themselves (Deloitte 2011). Within this framework, the purpose of the general purpose accounting standards is essentially to provide a similar guide to external entities — whether they are public sector entities, governments themselves, or private corporations (Deloitte 2011). The entire purpose of the IFRS is to ensure that accounting principles are understood and applied in the same way by all entities (or at least all entities that fall under the jurisdiction of countries that have signed onto the IFRS), and this is largely achieved through these general purpose standards.

This edifying and standardizing purpose behind the general purpose accounting principles contained in the framework can also be seen from the interpretation of these principles and this framework by entities outside the IFRS. The framework and general accounting principles are seen as a way of identifying the objectives and values of the overall accounting standards and principles developed and published by the IFRS and IASB (AARF 2010). From the actual general accounting principles published, this entity has also drawn certain other inferences that can be of use in interpreting the true purpose of these principles, such as a basic definitions of the individuals and entities that are expected to encounter and use these principles (AARF 2010). The true values and objectives that appear to be an inherent part of certain specific principles published in the framework as well as those behind the principles and framework as a whole can also be guessed at (AARF 2010).

All in all, most entities have developed their own specific understanding of the general accounting standards and principles set out in the IFRS and IASB conceptual framework (IFAC 2009). These separate understandings are heavily rooted in the general principles published by the IASB, however, and while these principles are often tweaked and developed by certain large-scale entities into more directly actionable items and recommendations, they remain standardized due to the reins applied by the general purpose accounting principles (IFAC 2009). It is through these principles and controls that the standardizations of accounting and reporting practices desired by the IFRS can actually be brought to fruition.

In addition to simply setting out prescriptions for entities to follow in their own accounting and reporting practices, in both general and specific situations, the general purpose reporting principles established by the IFRS and IASB have further applications. These principles provide guidelines and expectations for auditors and other individuals or entities that go back and examine general accounting and financial records once they are published, allowing for the standardization not only of reporting, but also in the degree and manner of accountability to which reporting entities are held (Puttlick et al. 2008). Auditing is a very important part of accounting, especially in the modern era of rampant corporate scandals and questionable accounting practices, and by establishing clear guidelines for companies as well as auditors the general purpose reporting principles and standards help to achieve a reduced likelihood of fraudulent or misleading accounting practices (Puttlick et al. 2008).

Conclusion

There are a variety of different objectives for the general purpose reporting principles established by the IFRS and the IASB. The most important of these objectives, however, is the standardization of overall accounting principles, values and practices. As this is the overall objective of the IFRS and IASB, it might seem somewhat obvious that this is the objective behind some of its specific publications. Hopefully the above discussion has shown, however, that even in the specific interpretations and applications of these principles, this overriding objective remains paramount.

References

AARF. (2010). Objective of General Purpose Financial Reporting. Caulfield, Victoria, Australia: AARF.

Deloitte. (2011). Summary of international financial reporting standards. Accessed 31 March 2011. http://www.iasplus.com/standard/framewk.htm

IASB. (2008). International financial reporting standards. London: IFRS.

IFAC. (2010). Conceptual Framework Exposure Draft 1. Toronto: IFAC.

IFAC. (2009). Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Toronto: IFAC.

Puttick, G., van Esch, S. & Kana, S. (2008). The Principles and Practice of Auditing. Cape Town: Juta & Co.

---

Get Professional Assignment Help Cheaply

Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?

Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.

Why Choose Our Academic Writing Service?

• Plagiarism free papers
• Timely delivery
• Any deadline
• Skilled, Experienced Native English Writers
• Subject-relevant academic writer
• Adherence to paper instructions
• Ability to tackle bulk assignments
• Reasonable prices
• 24/7 Customer Support
• Get superb grades consistently

 

Online Academic Help With Different Subjects

Literature

Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.

Finance

Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.

Computer science

Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!

Psychology

While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.

Engineering

Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.

Nursing

In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.

Sociology

Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.

Business

We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!

Statistics

We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.

Law

Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.

What discipline/subjects do you deal in?

We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.

Are your writers competent enough to handle my paper?

Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.

What if I don’t like the paper?

There is a very low likelihood that you won’t like the paper.

Reasons being:

• When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
• We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.

In the event that you don’t like your paper:

• The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
• We will have a different writer write the paper from scratch.
• Last resort, if the above does not work, we will refund your money.

Will the professor find out I didn’t write the paper myself?

Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.

What if the paper is plagiarized?

We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.

When will I get my paper?

You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.

Will anyone find out that I used your services?

We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.

How our Assignment  Help Service Works

1.      Place an order

You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.

2.      Pay for the order

Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.

3.      Track the progress

You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.

4.      Download the paper

The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.

PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!

---