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Purposes of the Conceptual Framework are to assist: 3 začněte se učit
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the Board when developing new IFRS Standards. | preparers of FSs when no IFRS Standard applies to a transaction, | or when Standard offers a choice of an accounting policy. the Board when developing new IFRS Standards. | preparers of FSs when no IFRS Standard applies to a transaction, or when Standard offers a choice of an accounting policy. | And all parties when understanding and interpreting IFRS Standards.
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Purpose of financial reporting. začněte se učit
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To provide information to current and potential investors, lenders and other creditors that will enable them to make decisions about providing economic resources to an entity.
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Users of financial reporting need information to assess: 2 začněte se učit
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An entity's potential future cash flows. | Management's stewardship of the entity's economic resources.
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Groups of qualitative characteristics of useful financial information. 2 začněte se učit
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Fundamental | and enhancing characteristics.
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Fundamental characteristics of useful financial information. 2 začněte se učit
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Relevance. | Faithful representation.
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Enhancing characteristics of useful financial information. 4 začněte se učit
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Verifiability. | Timeliness. | Understandability. | Comparability. VTUC
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defi. začněte se učit
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Right that has the potential to produce economic benefits.
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Elements of financial statements. začněte se učit
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Asset. | Liability. | Equity. | Expenses. | Income. Building blocks | ALEEI
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defi. začněte se učit
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A present economic resource controlled by an entity as a result of a past event.
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A present obligation of the entity to transfer an economic resource as a result of a past event.
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The residual interest in the net assets of an entity.
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Increases in assets | or decreases in liabilities that result in an increase to equity. | Excluding contributions from equity holders.
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2cz začněte se učit
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Decreases in assets or increases in liabilities that result in decreases to equity. | Excluding distributions to equity holders.
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Items are recognised in FSs if: 3 začněte se učit
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they meet the definition of an element. | And recognition provides relevant information. | And recognition faithfully represents the entity's financial performance and position.
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Derecognition from FSs normally occurs when the entity: 2 začněte se učit
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loses control of the assets. | or has no present obligation for the liability.
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Accounting for derecognition involves: 3 začněte se učit
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recognising any transferred, expired or consumed component. | Recognising a gain or loss on the above. | Recognising any retained component.
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If recognised in the FSs, an element must be... začněte se učit
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The Conceptual Framework outlines two measurement bases: 1 + 1 (x3) začněte se učit
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Historical cost. | Current value (Fair value; Value-in-use; Current cost.). HC - CV (FV, VIU, CC)
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When selecting a measurement basis of a given asset, relevance is maximised of the following are considered: 2 začněte se učit
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The characteristics of the asset or liability. | How the asset or liability contributes to the future cash flows.
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The primary source of information about an entity's financial performance is...? začněte se učit
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Income and expenses should normally be recognised in this statement.
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The Board might require an income or expense to be presented in OCI if it results from remeasuring an item to current value And if this means that: 2 začněte se učit
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PoL provides more relevant information, | or a more faithful representation is provided of an entity's performance.
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Income and expenditure included in OCI should be reclassified to profit or loss when... začněte se učit
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when it is providing more relevant information.
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Fair Value definition from IFRS 13. začněte se učit
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The 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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How many levels does the FV hierarchy have. začněte se učit
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Quoted prices for identical assets in active markets.
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Quoted prices for identical assets in less active markets. | Quoted prices for similar assets in active markets.
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Usually it's produced by a company using own data. Financial assets and liabilities considered to be the most illiquid and hardest to value. They are not traded frequently, so it is difficult to give them a reliable and accurate market price.
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IFRS 13 says that FV should be determined by reference to the začněte se učit
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This is the market with the greatest volume of activity. If the the principal market cannot be determined then FV should be measured based on the price in the most advantageous market.
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Non-financial assets include: 2 začněte se učit
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The FV of a non-financial asset should be based on...? framework začněte se učit
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on its highest and best use.
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