CHAPTER 11 Financial Reporting Concepts Learning Objectives Describe the purposes and advantages of maintaining 1. Explain the importance of having a conceptual framework of accounting, and list the key components. 2. Explain the objective of financial reporting, and define the elements of the financial statements. 3. Apply the fundamental and enhancing qualitative characteristics of the conceptual framework to financial reporting situations. 4. Apply the recognition and measurement criteria of the conceptual framework to financial reporting situations. 5. Apply the foundational concepts, assumptions, and constraints of the conceptual framework to financial reporting situations. l