Conceptual Framework Lesson One

Statements
1. Statement of profit or loss and other comprehensive income
2. Statement of Financial Position
3. Statement of Cash Flows
4. Statement of Changes in Equity
Concepts
1. Accruals
2. Materiality
3. Going Concern
4. Entity
  1. Single entity
  2. Group
Qualitative Characterstics
1. Relevance
2. Faithful representation
3. Comparability
4. verifiability
5. timeliness
6. understandability
External Users
1. Investors
2. Potential Investors
3. Lenders
4. Suppliers and other trade payables
5. Customers
6. Government
7. Government Agency
8. The general public
Elements
1. Assets
2. Liabilities
3. Equity
4. Income
5. Expenses
Objective
1. Accounting Equation
  1. Assets minus liabilities = equity
Structure
1. incorporated
  1. private limited company
  2. public limited company
2. unincorporated
  1. Sole Trader
  2. Partnerships

Resource summary

	Created by Liz Barraclough over 8 years ago

	Copied by Liz Barraclough over 8 years ago