Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
Economic Resource - Asset definition |
Controlled as result of past event |
|
Economic claim - Liability definition Equity definition |
Liability - obligation to transfer as result of past event
Equity - residual interest in net assets of an entity |
|
Changes as result of financial performance? Income |
Assets increase / liabs decrease Resulting in increase to equity |
|
Changes as result of financial performance? Expenses |
Assets decrease / liabs increase Decreases equity |
|
Conceptual Framework - Fred Ran Under The Chelsea Viaduct |
Faithful Representation - fundamental Reliability - fundamental Understandability - enhancing Timeliness - enhancing Comparability - enhancing Verifiably - enhancing |
|
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 |
|
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 |