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Basics of financial reporting summary
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This is a quick guide to the definitions of an Asset and a Liability. It has key elements and interpretive guidance on these definitions. The requirements to apply IFRS for SME's is also included.

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  • New conceptual framework
  • October 4, 2022
  • 1
  • 2022/2023
  • Summary

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IFRS for SME's:
1. Publish external general purpose fin statements AND
2. Do not have public accountability:
a. Debt/equity not traded in public market AND
b. Do not hold assets:
- in fiduciary capacity
- for broad group of outsiders
- as one of primary businesses




ASSET:
- Present economic resource = right to produce economic benefits
- Controlled by the entity
- As a result of past events
Present: right must already exists
Right: actual & potential
don't have to be certain
CANT obtain rights from itself (shares bought back or intercompany inventory
Control: present ability to direct use of the resource and obtain benefits from it.
It includes the present ability to prevent others from using it


LIABILITY:
- Present obligation
- To transfer economic resource
- As a result of past events
[Asset for the other party]
Obligation: no practical ability to avoid it
even if probability low
intention not taken into account
can be legal obligation OR constructive obligation

Then there is also definitions for EQUITY, INCOME, EXPENSES

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