This chapter introduces the fundamental accounting principles for financial accounting and the regulatory and conceptual frameworks that underpin statutory financial reporting by limited liability entities in the UK. After studying this chapter, you should be able to: Explain the fundamental accounting principles. Describe the key elements of the regulatory framework for financial reporting. Explain the need for international convergence in financial reporting practices. Discuss the key principles of the IASB’s Conceptual Framework for Financial Reporting. Define the elements of financial statements and the criteria for their recognition and measurement.
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