Contents
1 Evaluation criteria ......................................................................................... 2
2 Schematic representation of the Conceptual Framework .................................. 2
...
Contents
1 Evaluation criteria ......................................................................................... 2
2 Schematic representation of the Conceptual Framework .................................. 2
3 Background .................................................................................................. 3
3.1 What is the purpose of the Conceptual Framework? .............................. 3
3.2 Brief history ........................................................................................ 3
4 The objective of general purpose financial reporting ........................................ 4
5 Qualitative characteristics of useful financial information .................................. 6
5.1 Fundamental qualitative characteristics ................................................. 6
5.2 Enhancing qualitative characteristics..................................................... 9
6 Financial statements and the reporting entity .................................................. 11
6.1 Objective and scope of financial statements .......................................... 11
6.2 Reporting period ................................................................................. 11
6.3 Perspective ......................................................................................... 11
6.4 Going concern assumption ................................................................... 11
6.5 The reporting entity ............................................................................ 11
7 The elements of financial statements ............................................................. 12
7.1 Asset .................................................................................................. 12
7.2 Liability............................................................................................... 13
7.3 Unit of account ................................................................................... 14
7.4 Substance of contractual rights and contractual obligations .................... 14
7.5 Equity ................................................................................................ 14
7.6 Income ............................................................................................... 14
7.7 Expense ............................................................................................. 14
8 Recognition and derecognition ....................................................................... 15
8.1 Recognition ........................................................................................ 15
8.2 Relevance ........................................................................................... 15
8.3 Faithful representation ........................................................................ 16
8.4 Other factors ...................................................................................... 16
8.5 Derecognition ..................................................................................... 16
9 Measurement ................................................................................................ 17
9.1 Measurement bases ............................................................................ 17
9.2 Factors to consider when selecting a measurement basis ....................... 20
10 Presentation and disclosure ........................................................................... 21
10.1 Classification ....................................................................................... 21
10.2 Aggregation ........................................................................................ 22
11 Concepts of capital and capital maintenance ................................................... 22
12 Short and sweet ............................................................................................ 23
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