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Regulatory framework

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Regulatory framework

  • This topic has 4 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • August 30, 2016 at 11:51 am #336224
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    Hi Mike,

    As per lec note, pg 3:

    A conceptual framework

    • framework has been developed
    defined as “a constitution, a coherent system of interrelated objectives and fundamentals which can lead to consistent standards
    and which prescribe the nature, function and limits of financial accounting and financial statements”

    • generally accepted accounting practice ( gaap )

    • a combination of:
    • each country’s own law
    • international financial reporting standards
    • stock exchange requirements

    Does this mean GAAP is an example of a regulatory framework?

    August 30, 2016 at 5:02 pm #336330
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    No, it means that GAAP is developed and developing using the Framework as a structure within which to work

    There’s a good article that explains the role of the Framework here:

    https://www.accaglobal.com/content/dam/acca/global/pdf/sa_mar11_f7p2.pdf

    August 30, 2016 at 7:43 pm #336372
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    Thanks Mike.

    I will appreciate if you help me with small query on valuation of inventory:

    Inventory is valued at lower of Cost & NRV.
    Cost includes purchase cost, conversion and others.

    Purchase cost includes purchase price but excludes trade discount. Does it exclude cash discount as well?

    August 30, 2016 at 7:59 pm #336376
    aamir2111
    Participant
    • Topics: 123
    • Replies: 85
    • ☆☆☆

    sorry I just read the point on discount in the notes.

    Thanks 🙂

    August 30, 2016 at 8:35 pm #336381
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23322
    • ☆☆☆☆☆

    OK, but when you start a new topic, please start a new thread!

    Someone not interested in regulatory framework may be interested in inventory values but will miss it because of the misleading title

  • Author
    Posts
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