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IFRS & IASB (IASB (Founded in 2001, independent body, Responsibility…
IFRS & IASB
IASB
Founded in 2001
independent body
Responsibility for creating IFRSs
Overseen diverse group of trustees
accountable to public interest
Supported with advisory council
interpretations committee
Offers guidance to divergence in practice.
C 4 Elements of financial statements
Ownership interest
Gains
losses
equity
income
Expenses
Contributions (increase)
Distributions (decrease)
Ch 5 Recognition in financial statements
Approach to recognition of items
Adopted
Interpretation
Assets & cost/expenses
Economic benefits flow
Several accounting periods
Balance sheet
CH 6 measurement
Current value
current cost
Deprival value model below
Replacement cost
Net realisable value
Recoverable amount
Value in use
CH 7 Presentation
Communicate clearly
Effectively
Simply & straightforward
Relevant & reliable
Financial performance (income statement)
Financial positions (balance & cash flow)
C 3 Qualitative characteristics f i
Materiality
Threshold qualiity
Relvance
Predictive value
Confirmatory value
Reliability
Free from error
Fithful
Neutral
Complete
Prudence
Comparability
Consistency
Disclose
Understandability
User's abilties
Aggregation & classification
C 1 Objectives of Financial statements
Financial performance
Financial position
Generation & use of cash
Financial adaptability
C 2 Reporting entity
Direct control
indirect control
Key word control
Ch 8 accounting for interest
Owned shares confer
Varying degrees
Control or influence