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3 Cards in this Set
- Front
- Back
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IFRS Framework: objectives of fin. statements?
be useful to whom/for what purpose? |
provide info about financial position, performance, and changes in financial position of an entity
*wide range of users for purpose of making economic decisions |
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IFRS Framework: covers what fin. statements specifically? (3)
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1. Balance Sheet (including statement of changes in equity)
2. Income Statement 3. Cash flow statement |
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IFRS Framework: what qualitative characteristics should useful fin. statments emphasize to achieve objective of usefullness? (5)
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1. Relevance
2. Predictive Value 3. Faithful Representation (emphasis on econ. substance over form, reliability, and completeness) 4. Neutrality (absence of bias) 5. Verifiability |
