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Accounting Concepts - Coggle Diagram
Accounting Concepts
Financial Statements
Income statement
Statement of changes in owners’ equity
Balance sheet
Statement of cash flow
IFRS
Elements
Criteria for recognition
Revenue recognition
Recognition is the process of incorporating an item that meets the
definition of an element
Matching principle
Measurements of the elements of F/S
Current (Replacement) cost
Realizable value
Historical cost
Present value
Fair vale
Qualitative characteristics
Verifiability
Timeliness
Comparability and consistency
Understandability
Faithful representation
Going concern
Relevance
Accounting Methods
Accrual Basis
Cash Basis
GAAP
IFRS is more of a principle-based framework
U.S. GAAP is more of a rules-based framework.
Accounting equation
Assets= Liabilities + Equity