1 - Conceptual Framework & IFRS Flashcards
1
Q
Objectives of financial reporting
A
- provide info that is useful to investors, lendors, and other creditors in making decisions about providing resources to the entity
- info about entity’s econonic resources and claims against the entity
- changes in econonic recources and claims
- financial performance reflected by accrual accouting
- financial performance reflected by past cash flow
- changes in economic resources and claims, NOT resulting from financial performance
2
Q
Primary Qualitative Characteristics that make information USEFUL
A
* Roger is Politically Correct but at times he can be Material.
CUT like a V
FENCe
3
Q
10 Key elements of F/S (GAAP)
A
