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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
    3. IAS 28 Investments in Associates
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
      4. IAS 17 Leases
        Finance
        Operating
  2. Liabilities
    1. IAS 10 Events after the reporting period
      1. Adjusting
      2. Non adjusting
    2. IAS 37 Provisions, contingent liabilities, contingent assets
      1. Probable
      2. Possible
      3. Remote
    3. IAS 12 Income Taxes
  3. Equity
  4. Income
    1. IAS 18 Revenue
  5. Expenses
2. Accounting Equation
  1. Assets minus liabilities = equity

Conceptual Framework

	Created by Liz Barraclough almost 10 years ago

	Copied by Celia Laverick over 7 years ago