Lecture on Accounting Principles Framework

Major objective of this lecture is to presentation on Accounting Principles Framework. Here briefly present the meaning of GAAP and identify the key items of the theoretical framework. Here also explain basic objectives of financial reporting and discuss the qualitative characteristics of accounting information and elements of financial statements. Lecture also concentrate on to identify the basic assumptions used by accountants and identify the basic principles of accounting. Finally analyze classified financial statements and xplain the accounting principles used in international operations.