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7 Cards in this Set
- Front
- Back
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Economic Resource - Asset definition |
Controlled as result of past event |
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Economic claim - Liability definition Equity definition |
Liability - obligation to transfer as result of past event
Equity - residual interest in net assets of an entity |
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Changes as result of financial performance? Income |
Assets increase / liabs decrease Resulting in increase to equity |
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Changes as result of financial performance? Expenses |
Assets decrease / liabs increase Decreases equity |
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Conceptual Framework - Fred Ran Under The Chelsea Viaduct |
Faithful Representation - fundamental Reliability - fundamental Understandability - enhancing Timeliness - enhancing Comparability - enhancing Verifiably - enhancing |
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ACCA Code of Ethics - 5 Principles - OPPIC - over pompous people ignore codes |
1. Objectivity 2. Professional Competence and Due Care 3. Professional Behaviour 4. Integrity 5. Confidentiality |
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IFRS 5 - Non Current Assets Held for Sale and Discontinued Operations Held for sale conditions? |
1. Available to sell in present condition 2. Sale highly probable 3. Expected to sell within 12 months 4. Management committed to sale 5. Actively marketed 6. Marketed at fair value |
