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9 Cards in this Set
- Front
- Back
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IFRS Ongoing Standard Setting Process |
1) IASB publishes discussion paper (not req) 2) IASB prepares Exposure Draft 3) Nine members approve exposure draft 4) Public comment period 5) IASB votes again to create IFRS. 9 members |
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What is IASB |
International accounting standards board - develop a single set of high quality, global accounting standards - 15 full time members -2 part time members |
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SFAC 8: Objective of general purpose reporting |
Provide information that is useful to primary users - Primary users - investors, lenders, other creditors - Not regulators |
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Financial Information provided in General Purpose Frame works |
- Resources - Claims against the enity |
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Fundamental Qualitative Characteristics |
1) Relevance 2) Faithful Representation |
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To be relevant, financial information must |
1) Have predictive value 2) Have Confirming Value 3) Materiality |
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Faithful representation requires |
1) Completeness 2) Neutrality 3) Freedom from Error |
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Enhancing Qualitative Characteristics |
1) Comparability (Consistency) 2) Verifiable 3) Timeliness 4) Understandability |
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What is excluded from Comprehensive Income |
1) Investment and Distributions to Owners |
