FAC 1501 (FAC1501)

FAC_1502 Course Notes. Last document update:   ago

FAC_1502 Course Notes. STUDY UNIT 1 The Conceptual Framework for Financial Reporting What is the Framework?  Sets out the objectives & concepts  Provides a theoretical background or general frame of reference Purpose of the Framework:  Assist standard setting bodies;  Assist preparation of financial statements;  Assist auditors;  Assist other users of financial statements. The Conceptual Framework for Financial Reporting The Objective of general purpose f...

FAC_1502 Well Summarized. Last document update:   ago

FAC_1502 Well Summarized. 2.4 Net asset value (2.3) ASSETS – LIABILITIES = NET ASSET VALUE EQUITY = NET ASSET VALUE Assets: Defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Item can be classified as an asset only if it has been acquired by the entity as a result of past events. Assets are therefore the possessions of the entity. Assets can be classified as non-current when they:  ...