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Conceptual Framework - Coggle Diagram
Conceptual Framework
Introduction
Objectives
Assist prepares of financial statements in applying IFRSs and develop consistent accounting policies
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Chap 6: Measurement
Current value
Monetary information using information updated to reflect current conditions at the measurement date
Types
Fair value
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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Value in use
Present value of future cash flows or other economic benefits expected to derive from the use of an asset and from its ultimate disposal
Historical cost
Monetary information using information derived from the price of the transaction or other events that gave rise to them
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