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Chapter1 The IASB framework (The IASB conceptual framework (Going…
Chapter1 The IASB framework
Definition
The IASB conceptual framework
Accrual accounting
Going concern&Qualitative characteristics
Underlying assumption
Fundamental qualitative characterisitcs
Relevance
predictive value
confirmatory value
affected by nature and materiality
Faithful representation
complete
prudence
free from error
Enhancing qualitative characristics
comparability
verifiability
timeliness
understandability
The elements of financial statement
financial position
A
L
E
performance
Income
Expense
R&M
Rcognition
Measurement
Historical cost
Adv&DisA
Current value
Fair value
Value in use
Current cost