ACYFAR1
Cards (138)
- The standard-setting body who issues the International Financial Reporting Standards
- The standard-setting organization who issues the U.S. GAAP
- The process of identifying, measuring and communicating economic information to permit informed judgment and decision by users of the information.
- This was created to issue implementing guidelines on PFRS.
- The amount of time that is expected to elapse until an asset is realized or otherwise converted into cash
- The financial report that shows the reporting entity’s economic resources and claims
- The financial report that shows the changes due to events and transactions other than financial performance such as the issue of equity instruments and distributions of cash or other assets to shareholders
- This is used when assets are recorded at the amount of cash or cash equivalents or the fair value of the consideration given to acquire them at the time of their acquisition.
- Refers to the ability of the business to raise cash to meet unexpected cash requirements.
- Those responsible for the preparation and presentation of financial statements.
- The standard that sets out the requirements for the presentation of the cash flow statement and related disclosures.
- Portray the financial effects of transactions and other events by grouping them into broad classes according to their economic characteristics.
- Result if an asset is sold more than book value.
- One of its recognition criteria is that it is probable that the future economic events will flow to the enterprise.
- Under this concept a profit is earned only if the physical productive capacity (or operating capability) of the entity (or the resources or funds needed to achieve that capacity) at the end of the period exceeds the physical productive capacity at the after excluding any distributions to, and contributions from, owners during the period.beginning of the period,
- These contain information in addition to that presented in the statement of financial position, statement of comprehensive income, separate income statement (if presented), statement of changes in equity and statement of cash flows.
- It comprises items of income and expense (including reclassification adjustments) that are not recognized in profit or loss as required or permitted by other IFRSs.
- These are holders of instruments classified as equity
- It is the total of income less expenses, excluding the components of other comprehensive income
- These are amounts reclassified to profit or loss in the current period that were recognized in other comprehensive income in the current periods
- A report that provides financial information about the reporting entity’s economic resources, claims against the entity and changes in those economic resources and claims that is useful to primary users in making decisions relating to providing resources to the entity.
- Existing and potential investors, lenders and other creditors.
- Financial information that is useful to primary users of general-purpose financial reports in making decisions relating to providing resources to the reporting entity. To be useful, financial information must be relevant and faithfully represent what it purports to represent.
- A qualitative characteristic that financial information must possess to be useful to the primary users of general-purpose financial reports.
- A qualitative characteristic that makes useful information more useful.
- A particular form of general-purpose financial reports that provide information about the reporting entity’s assets, liabilities, equity, income and expenses.
- Information whose omission or misstatement could influence decisions that the primary users of general-purpose financial reports make on the basis of those reports, which provide financial information about a specific reporting entity.
- The exercise of caution when making judgements under conditions of uncertainty. The exercise of which means that assets and income are not overstated and liabilities and expenses are not understated. Equally, the exercise of which does not allow for the understatement of assets or income or the overstatement of liabilities or expenses.
- Uncertainty that arises when monetary amounts in financial reports cannot be observed directly and must instead be estimated
- An entity that is required, or chooses, to prepare general purpose financial statements.
- Financial statements of a reporting entity that comprises both the parent and its subsidiaries
- Financial statements of a reporting entity that is the parent alone.
- Financial statements of a reporting entity that comprises two or more entities that are not all linked by a parent-subsidiary relationship.
- The right or the group of rights, the obligation or the group of obligations, or the group of rights and obligations, to which recognition criteria and measurement concepts are applied.
- Uncertainty about whether an asset or liability exists.
- A contract, or a portion of a contract, that is equally unperformed—neither party has fulfilled any of its obligations, or both parties have partially fulfilled their obligations to an equal extent.
- A present economic resource controlled by the entity as a result of past events.
- A right that has the potential to produce economic benefits.
- Within an economic resource, a feature that already exists and that, in at least one circumstance, would produce for the entity economic benefits beyond those available to all other parties.
- The present ability to direct the use of the economic resource and obtain the economic benefits that may flow from it