College aantekeningen
Lecture notes Financial accounting (Fiac6211) Introduction to IFRS
- Vak
- Instelling
- Boek
A detailed explanation with examples of every learning unit for fiac 6211
[Meer zien]Voorbeeld 4 van de 35 pagina's
Voorbeeld 4 van de 35 pagina's
In winkelwagen
In winkelwagen
gesponsord bericht van onze partner
Gekoppeld boek
Titel boek:
Auteur(s):
- Uitgave:
- ISBN:
- Druk:
Meer samenvattingen voor studieboek
-
FAC2601 Assignment 2 (ANSWERS) Semester 1 2024 - DISTINCTION GUARANTEED.
-
Lecture notes Financial accounting (Fiac6211) Introduction to IFRS
-
FAC2601 Lecture videos
Verkoper
Volgen
sumeshanharilal
Voorbeeld van de inhoud
The Conceptual Framework-classThis is NOT A STANDARD
- therefore does NOT
override other IFRS
notes
statements
IN CASE OF CONFLICT –
IFRS PREVAILS
Tuesday, 14 March 2023 16:19
What is the conceptual Framework:
Financial statements are prepared & presented by many entities around the world to a variety of external users.
They appear similar, but there are variations caused by different legal, social & economic circumstances of the
countries concerned. This has led to a variety of definitions, recognition criteria, measurement principles &
disclosure in the preparation of financial statements.
In 2nd Year we focus on Chapter 4: The elements of Financial Statements The elements of financial statements:
→ The elements of the financial statements are: Recognise an element if it:
• assets, liabilities & equity relating to an entity’s financial position; AND 1. Meets the definition
• income and expenses relating to an entity’s financial performance. 2. Satisfies recognition criteria.
Financial statements portray the financial effects of transactions by grouping them into categories according to
their economic characteristics. These categories are termed the elements of financial statements.
Financial position
The elements directly related to financial position are assets, liabilities & equity.
Assets: A present economic resource controlled by the entity as a result of past events.
An economic resource is a right that has the potential to produce economic benefits.
Three components to the definition:
• right;
• potential to produce economic benefits;
• control.
Liabilities A present obligation of the entity to transfer an economic resource as a result of past events.
Three criteria must be met for a liability to exist:
• entity has an obligation;
• obligation is to transfer an economic resource;
• obligation is a present obligation that exists as a result of past events.
Assets & liabilities: Unit of account
The unit of account is the right or group of rights, the obligation or group of obligations or the group of rights &
obligations, to which the recognition criteria & measurement concepts are applied.
A unit of account is selected to provide useful information.
Example: A group of assets & liabilities may be identified as a single unit if they will be disposed of in a single transaction.
Equity: Residual interest in the assets of an enterprise after deducting all the liabilities.
Financial performance
The elements directly related to performance are income and expenses.
Income: Increase in assets or decreases in liabilities that result in increases in equity, other than those relating to
contributions from holders of equity claims.
Expenses: Decrease in assets or increases in liabilities that result in decreases in equity, other than those relating
to distributions to holders of equity claims.
Steps when answering:
1. Definitions- from above
2. Application- Link the definition to the question
3. Conclusion- Link to definition eg: Based on the definition of an asset, the machinery can be considered an asset and
recognised in the financial statements under…
NB: LOOK AT PRACTICE SOLUTIONS GIVEN AND SEE HOW QUESTIONS WERE ANSWERED,
LU1- Conceptual Framework Page 1
,LU1- Conceptual Framework Page 2
, 2. Application- Link the definition to the question
3. Conclusion- Link to definition eg: Based on the definition of an asset, the machinery can be considered an asset and
recognised in the financial statements under…
NB: LOOK AT PRACTICE SOLUTIONS GIVEN AND SEE HOW QUESTIONS WERE ANSWERED,
LAYOUT AND PRACTICE!
LU1- Conceptual Framework Page 3
,
LU1- Conceptual Framework Page 4
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper sumeshanharilal. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €3,97. Je zit daarna nergens aan vast.
Is Stuvia te vertrouwen?
4,6 sterren op Google & Trustpilot (+1000 reviews)
Afgelopen 30 dagen zijn er 77254 samenvattingen verkocht
Opgericht in 2010, al 14 jaar dé plek om samenvattingen te kopen