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Concepts L3

Accounting Concepts NCEA L3

QuestionAnswer
Accrual Basis Reported in the financial statements to which they relate.
Going Concern Entity will continue to operate into the foreseeable future
Comparability Identify similarities and differences between financial statements
Understandability Readily understandable to users.
Relevance Influences the decisions of users. Confirm past predictions (about past event). Assisting in future predictions
Materiality Material by dollar amount or disclosure of transaction will influence decision making
Reliability Free from material error or bias. Represented faithfully.
Faithful Representation Represented faithfully. Report all assets, liabilities, income and expenses that meet the criteria.
Substance over form Accounted for in accordance with the substance of economic reality of transaction rather that the legality of the transaction
Neutrality Free from bias
Prudence Exercise care with estimates
Completeness Information needs to be complete.
Historical Cost Assets: Cash paid at time of acquisition Liability: Proceeds received in exchange for the obligation
Current Cost Assets: Cash that would be paid if asset was acquired currently Liability: cash required to settle obligation currently
Realisable Value Assets: Cash that would be obtained if asset was sold in an orderly disposal Liability: Settlement values.
Balance between qualitative characteristics Which has the most relative importance
Balance between benefit and cost benefits gained from information should not exceed the cost of providing it
Timeless Balance timely reporting and provision of reliable information
Created by: Sarah Mann