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Conceptual Framework

Statements
1. Statement of profit or loss and other comprehensive income
2. Statement of Financial Position
3. Statement of Cash Flows
4. Statement of Changes in Equity
Concepts
1. Accruals
2. Materiality
3. Going Concern
4. Entity
  1. Single entity
  2. Group
    1. IFRS 3 Business Combinations
    2. IFRS 10 Consolidated Financial Statements
Qualitative Characterstics
1. Relevance
2. Faithful representation
3. Comparability
4. verifiability
5. timeliness
6. understandability
External Users
1. Investors
2. Potential Investors
3. Lenders
4. Suppliers and other trade payables
5. Customers
6. Government
7. Government Agency
8. The general public
Objective
1. Elements
  1. Assets
    1. Current
      1. IAS 7 cash flows
      2. IAS 2 Inventories
    2. Non-current
      1. IAS 38 Intangible Assets
      2. IAS 16 P,P,E
      3. IAS 36 Impairment of Assets
  2. Liabilities
    1. IAS 10 Events after the reporting period
      1. Adjusting
      2. Non adjusting
    2. IFRS 16 Leases
    3. IAS 37 Provisions, contingent liabilities, contingent assets
      1. Probable
      2. Possible
      3. Remote
    4. IAS 12 Income Taxes
  3. Equity
  4. Income
    1. IFRS 15 Contracts
  5. Expenses
2. Accounting Equation
  1. Assets minus liabilities = equity

Conceptual Framework

	Created by Liz Barraclough almost 10 years ago