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 FrameworkACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management1REGULATORY FRAMEWORKFinancial Reporting

2. Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management2REGULATORY FRAMEWORK

3. FRAMEWORKPrinciples-based versus rules-based systemsRegulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management3

4. Regulatory Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management4FRAMEWORKProblems of a principles-based system

5. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management5

6. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com6IASB

7. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com7IASB - Objectives

8. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com8IASB - Structure

9. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com9IASB - Structure

10. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com10IASB - Structure

11. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com11IASB - Structure

12. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com12IASB – International influences

13. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com13IASB – International influences

14. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management14

15. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com15IFRS – 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.com16IFRS – Co-ordination with National standard setters

17. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com17IFRS – Liaison members

18. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com18IFRS

19. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com19IFRS

20. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com20World-wide effect of IFRS & IASB

21. Conceptual Framework ACCA – Paper F 7 Financial Reporting – by SBM : School of Business and Management ; www.ifrsmultiplyer.com21World-wide effect of IFRS & IASB