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Purposes of the Conceptual Framework are to assist: 3 Lernen beginnen
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the Board when developing new IFRS Standards. | preparers of FSs when no IFRS Standard applies to a transaction, | or when Standard offers a choice of an accounting policy. the Board when developing new IFRS Standards. | preparers of FSs when no IFRS Standard applies to a transaction, or when Standard offers a choice of an accounting policy. | And all parties when understanding and interpreting IFRS Standards.
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Purpose of financial reporting. Lernen beginnen
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To provide information to current and potential investors, lenders and other creditors that will enable them to make decisions about providing economic resources to an entity.
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Users of financial reporting need information to assess: 2 Lernen beginnen
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An entity's potential future cash flows. | Management's stewardship of the entity's economic resources.
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Groups of qualitative characteristics of useful financial information. 2 Lernen beginnen
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Fundamental | and enhancing characteristics.
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Fundamental characteristics of useful financial information. 2 Lernen beginnen
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Relevance. | Faithful representation.
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Enhancing characteristics of useful financial information. 4 Lernen beginnen
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Verifiability. | Timeliness. | Understandability. | Comparability. VTUC
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defi. Lernen beginnen
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Right that has the potential to produce economic benefits.
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Elements of financial statements. Lernen beginnen
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Asset. | Liability. | Equity. | Expenses. | Income. Building blocks | ALEEI
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defi. Lernen beginnen
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A present economic resource controlled by an entity as a result of a past event.
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A present obligation of the entity to transfer an economic resource as a result of a past event.
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The residual interest in the net assets of an entity.
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3cz Lernen beginnen
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Increases in assets | or decreases in liabilities that result in an increase to equity. | Excluding contributions from equity holders.
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2cz Lernen beginnen
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Decreases in assets or increases in liabilities that result in decreases to equity. | Excluding distributions to equity holders.
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Items are recognised in FSs if: 3 Lernen beginnen
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they meet the definition of an element. | And recognition provides relevant information. | And recognition faithfully represents the entity's financial performance and position.
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Derecognition from FSs normally occurs when the entity: 2 Lernen beginnen
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loses control of the assets. | or has no present obligation for the liability.
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Accounting for derecognition involves: 3 Lernen beginnen
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recognising any transferred, expired or consumed component. | Recognising a gain or loss on the above. | Recognising any retained component.
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If recognised in the FSs, an element must be... Lernen beginnen
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The Conceptual Framework outlines two measurement bases: 1 + 1 (x3) Lernen beginnen
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Historical cost. | Current value (Fair value; Value-in-use; Current cost.). HC - CV (FV, VIU, CC)
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When selecting a measurement basis of a given asset, relevance is maximised of the following are considered: 2 Lernen beginnen
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The characteristics of the asset or liability. | How the asset or liability contributes to the future cash flows.
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The primary source of information about an entity's financial performance is...? Lernen beginnen
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Income and expenses should normally be recognised in this statement.
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The Board might require an income or expense to be presented in OCI if it results from remeasuring an item to current value And if this means that: 2 Lernen beginnen
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PoL provides more relevant information, | or a more faithful representation is provided of an entity's performance.
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Income and expenditure included in OCI should be reclassified to profit or loss when... Lernen beginnen
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when it is providing more relevant information.
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Fair Value definition from IFRS 13. Lernen beginnen
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The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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How many levels does the FV hierarchy have. Lernen beginnen
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Quoted prices for identical assets in active markets.
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Quoted prices for identical assets in less active markets. | Quoted prices for similar assets in active markets.
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Usually it's produced by a company using own data. Financial assets and liabilities considered to be the most illiquid and hardest to value. They are not traded frequently, so it is difficult to give them a reliable and accurate market price.
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IFRS 13 says that FV should be determined by reference to the Lernen beginnen
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This is the market with the greatest volume of activity. If the the principal market cannot be determined then FV should be measured based on the price in the most advantageous market.
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Non-financial assets include: 2 Lernen beginnen
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The FV of a non-financial asset should be based on...? framework Lernen beginnen
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on its highest and best use.
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