Conceptual Framework

Conceptual Framework

1. Statements

   • Statement of profit or loss and other comprehensive income
   • Statement of Financial Position
   • Statement of Cash Flows
   • Statement of Changes in Equity

2. Concepts

   • Accruals
   • Materiality
   • Going Concern
   • Entity
     • Single entity
     • Group
       • IFRS 3 Business Combinations
       • IFRS 10 Consolidated Financial Statements

3. Qualitative Characterstics

   • Relevance
   • Faithful representation
   • Comparability
   • verifiability
   • timeliness
   • understandability

4. External Users

   • Investors
   • Potential Investors
   • Lenders
   • Suppliers and other trade payables
   • Customers
   • Government
   • Government Agency
   • The general public

5. Objective

   • Elements
     • Assets
       • Current
         • IAS 7 cash flows
         • IAS 2 Inventories
       • Non-current
         • IAS 38 Intangible Assets
         • IAS 16 P,P,E
         • IAS 36 Impairment of Assets
     • Liabilities
       • IAS 10 Events after the reporting period
         • Adjusting
         • Non adjusting
       • IFRS 16 Leases
       • IAS 37 Provisions, contingent liabilities, contingent assets
         • Probable
         • Possible
         • Remote
       • IAS 12 Income Taxes
     • Equity
     • Income
       • IFRS 15 Contracts
     • Expenses
   • Accounting Equation
     • Assets minus liabilities = equity