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ACCF 111

Conceptual framework

TermDefinition
Underlying assumptions 1. Going concern 2. Accrual basis
Recognition criteria Relevance - Existence & flow of econ resources Faithful representation - Measurement
Enhancing qualitative char - comparability - verifiability - timeliness - understandability
Asset 1. Present economic resource - econ resource is right that has the potential to produce econ benefit 2. Under control of entity - able to direct the use of the econ resource and obtain benefit from flow of resources 3. As result of past events
Liabilities 1. Present obligation of entity - duty or responsibility that entity cannot avoid 2. To transfer econ resources 3. As a result of past events
Income 1. Increase in assets or decrease in liabilities 2. That results in increase in equity 3. Other than relating to contributions of holders of equity claims
Expense 1. Decrease in assets of increase in liabilities 2. That decreases equity 3. Other than distributios to holders of equity claims
Created by: CARA.FAURIE
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