Where a formal definition is provided by the Conceptual Framework for Financial Reporting (the Conceptual Framework), that definition is given, followed by an elaboration of the key points of that definition that candidates need to understand. What candidates need to know about each of these is:Įach of these principles and concepts are considered below. Principles and concepts of accountingįor the purposes of the FA2 exam, there is a list of principles and concepts of accounting which you need to be familiar with and which can be found in learning outcome A1(a) in the study guide: ![]() There is a complimentary FA2 article titled ‘Qualitative accounting characteristics’ (see 'Related links') which provides more detail on the qualitative accounting characteristics. The focus for this article is the principles and concepts of accounting. It is important to note that the principles and concepts of accounting are distinct from the ‘qualitative accounting characteristics’ and this differentiation is clearly set out in the Detailed Study Guide (‘the study guide’). These difficulties may arise because the learning outcome is more theoretical than other parts of the syllabus and tends to be examined in narrative style questions, which some candidates may find more difficult than calculation-based questions. ![]() This learning outcome causes difficulties for some candidates. Learning outcome A1 from the FA2 syllabus is related to ‘The key principles, concepts and characteristics of accounting’.
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