The Frameworks Chapter Two

Accountancy Equations
1. Assets - Liabilities = Capital
2. Show the relationship between the elements of the financial statements
Measurement Bias
1. Historical Cost
2. Realisable Value
3. Current Cost
4. Present Value
Ethical Principles
1. Fundamental principles
  1. Integrity
  2. Objectivity
  3. Professional Competence and Due Care
  4. Confidentiality
  5. Professional behaviour
2. Threats
  1. Self Interest
  2. Self Review
  3. Familiarity
  4. Intimidation
3. Safeguards
  1. Created by the professional
  2. In the work environment
Accountancy Standard
1. International Accountancy standards
2. International finance reporting standards
Conceptual framework
1. Elements of financial statement
2. Underlying assumption
3. Fundamental qualities characteristics
4. Enhancing qualitative characteristics

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