1
FRAMEWORK FOR PREPARATION
AND PRESENTATION OF
FINANCIAL STATEMENTS
LEARNING OUTCOMES
After studying this chapter, you would be able to:
Understand the Framework and its role in accounting and interpreting the
transactions
Acknowledge the various users of financial statements
Realise the constraints of relevant and reliable information
Comprehend the underlying assumptions and qualitative aspects of the
financial statements
Differentiate between the two forms of capital
© The Institute of Chartered Accountants of India