Please enable JavaScript.
Coggle requires JavaScript to display documents.
The IFRS Framework (Contents (elements of Fin. Statements (Assets,…
The IFRS Framework
Contents
objectives of Fin. Statements
underlying assumptions
qualitative charcacteristics
elements of Fin. Statements
Assets
Liabilities
Equity
income
Expenses
Capital maintenance
recognition
measurement
concept of cpaital and cap. maintenance
Financial Statements
Statement of financial position
Statement of profit or loss and other comprehensive income
Statement of changes in quity
Statement of Cash flows
Notes
report of the executives
auditable
remuneration committe's report
report on the appropriateness of the system of internal control
Underlying assumptions
Consistency
Off-setting
Materiality
Accruals
Going concern
qualitative characteristics
relevance
fundamental
materiality
faithful representation
fundamental
complete
netural
free from error (material accuracy)
substance over form
implied in faithful representation
enhancing characteristics
Standardization of Accounting Practices
Advantages
PREFER
Disadvantages
PAIR
not a standard
set of principles