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Financial Reporting Standards - Coggle Diagram
Financial Reporting Standards
FUNDAMENTAL : Qualitative Characteristics (RFR)
Relevance
Predictive Value
Confirmatory Value
Materiality
Faithful Representative(FREECON)
COmplete : All information is presented without
Neutral: without bias
Free From Error : No error presented
ENchancing Quality (CUVAT)
Comparability
Allows to comapre --> consistency
Undetsratndbility
underastandable by users who have reasonale knowledge on business activity.
Verfiabiluty
Timeliness
Assumption
Accrual
Going Concern
Recognition
Cost
Historical cost
Income Statement
Revenue
Expense