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| Pregunta | Respuesta |
| Fair presentation | requires that the financial statements present fairly the financial position, financial performance and cash flows of the entity |
| Compliance with IFRS | it has to be stated in the notes explicitly if the financial statements of an entity comply with IFRS |
| Going concern | financial statement prepared on a going concern basis ( = assumption that the company will continue operating in the next 1-2 years) |
| Accrual basis of accounting | excluding the cash flow statement, all other components of financial statements must be prepared on accrual basis (assets & liabilities recognized when they are receivable/payable, not when the cash is received/paid) |
| Consistency of presentation | entities required to retain their presentation and classification of items in successive period unless an alternative would be more appropriate or if so required by a new or amended standard |
| Materiality | an entity shall present separately each material class of similar items (cars/machines/buildings) |
| Offsetting | assets, liabilities, income and expenses can't be offset against each other unless required or permitted by an IFRS (all recorded and show in the statements, not only profit...) |
| Comparative information | providing comparative information from the previous period and in case the standards have changed preparing the statements of previous years by using renewed standard |
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