The document discusses regulatory frameworks for financial reporting. It addresses the differences between principles-based and rules-based systems, and some of the problems with principles-based approaches. It also describes the International Accounting Standards Board (IASB) and its role in developing International Financial Reporting Standards (IFRS). The IASB works to develop IFRS through an open process and coordinates with other standard setters to have a worldwide influence on financial reporting.

1. Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 1 REGULATORY FRAMEWORK Financial Reporting

2. Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 2 REGULATORY FRAMEWORK

3. FRAMEWORKPrinciples-based versus rules-based systems Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 3

4. Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 4 FRAMEWORKProblems of a principles-based system

5. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 5

6. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 6 IASB

7. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 7 IASB - Objectives

8. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 8 IASB - Structure

9. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 9 IASB - Structure

10. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 10 IASB - Structure

11. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 11 IASB - Structure

12. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 12 IASB – International influences

13. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 13 IASB – International influences

14. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management 14

15. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 15 IFRS – Due Process – The agenda initially set by discussion with SAC

16. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 16 IFRS – Co-ordination with National standard setters

17. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 17 IFRS – Liaison members

18. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 18 IFRS

19. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 19 IFRS

20. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 20 World-wide effect of IFRS & IASB

21. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com 21 World-wide effect of IFRS & IASB