Role of Framework

FN Walton
Mind Map by FN Walton, updated about 2 months ago
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Corporations 4
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Role of Framework
1 Nature of Reporting Entity
1.1 Defines what a reporting entity is
1.2 Minimum requirements for financial reports
2 Qualitative Characteristics
2.1 Ensure all financial reports give a true and fair view of business performance.
2.2 Fundamental Qualitative Characteristics (2)
2.2.1 Faithful Representation
2.2.2 Relevance
2.3 Enhancing Qualitative Characteristics (4)
2.3.1 Understandability
2.3.2 Comparability
2.3.3 Verifiability
2.3.4 Timeliness
3 Objectives of GPFR
3.1 To provide information to users that is useful for making and evaluating decisions
3.2 To ensure reports can be used to hold companies accountable for the resources they control
4 Elements of Financial Reports
4.1 Recognition and Measurement Criteria
4.1.1 Measurement
4.1.1.1 Asset
4.1.1.2 Liability
4.1.1.3 Income
4.1.1.4 Expense
4.1.2 Recognition Criteria
4.1.2.1 Probability that will occur
4.1.2.2 Measured Reliably
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