... a particular field of enquiry.1 It sets out the concepts that underlie the preparation and presentation of financial statements for external users. The framework serves several needs like providing a basis for standard setting and adds credibility to the profession and accounting statements, etc. However, it does not define any standard for particular measurement or disclosure issue and thus nothing in this Framework will override any specific Statement of Standard Accounting Practice (SSAP) or Guideline. It is important to state the requirement of SSAP or Guideline always prevail over those of the Framework. When there is any conflict arises between them, which is not that usual, reporting enterprises will not get confused. The content of Framework includes: (a) the objective of financial statements; (b) the qualitative characteristics; (c) the definition, recognition and measurement of the elements; and (d) concepts of capital and capital maintenance. (a) Objective of financial statements Different user groups ...

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