ACCA F7 Short Notes by AccountanSea Sir Zeeshan Hasan

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(Last Updated On: May 12, 2018)

ACCA F7 Short Notes

Dear students, you can download the ACCA F7 Short Notes by clicking the download link given below. These notes are created by the Sir Zeeshan Hasan. He also gave online tuition (AccountanSea) to the students, you can contact him via contact details given in the notes.

We hope that these ACCA F7 Short Notes will help you in your studies. You can leave your query in the comments section or you can drop one email at admin@aglobalwall.com in this post I have shared one topic from his notes.

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Conceptual Framework

Purpose

The purpose of the framework to IASB in following matters;

  • Developing future IFRSs
  • Reviewing existing IFRSs
  • Promoting harmonization of regulations by providing a basis for reducing the number of alternative accounting treatments permitted by IFRSs
  • To assist auditors whether financial statements are prepared according to IFRSs
  • To assist users of financial statements to interpret the information in the financial statements

acca f7 short notes

Rules Vs Principle

In rule-based, there is rule advised for every transaction and if there is not any rule then the new rule will be prescribed. However, in principle based approach no rule is given. In principle-based approach, guidelines have been given which Users have to follow.

In principle based there is flexibility. However, rule-based are rigid. Due to flexibility in principle-based approach, there is chances that manipulation can be done in accounts which is known as creative accounting. However standard board consistently working on the flexibility as well as closing the doors for creative accounting.

Scope

  • The objective of Financial statements
  • Underlying assumption
  • Definition recognition and measurement of elements
  • Qualitative characteristics of useful information
  • Concepts of capital and capital maintenance.

Financial statements

Following are the set of financial statements:

  • Statement of financial position
  • Statement of profit and loss and other comprehensive income
  • Statement of changes in equity
  • Statement of cash flows
  • Notes to the accounts, integral notes, other statements and explanatory notes.

This was just a sample from his notes, he writes in a very simple language and easy to understand. I will share more about his notes. Appreciate it if you like. 

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