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Qualitative Characteristics
1. Understandability
2. Relevance
3. Materiality
4. Reliabiltiy
5. Substance over form
6. Prudence
7. Completeness
8. Comparability
9. Timeliness
10.Balance between benefit and cost
Recognition of Elements
Recognition- is the process of incorporating in the
statement of financial position and statement of
comprehensive income an item that meets the definition
of an element and satisfies the following criteria:
a.
b.
Measurement of Elements
Measurement- is the process of determining the monetary
amount at which an entity measures asset, liability,
income and expense in its financial statements.
The PFRS for SME s and full PFRS share the same
provisions on the definition, recognition and measurement.
The only significant difference is the measurement of the
elements of financial statements.
1.
2.
Historical cost
Fair Value
Under Conceptual Framework for Financial Reporting, the
measurement bases are
3. Historical cost
4. Current cost
5. Realizable value
6. Present value
1.
2.
3.
4.
5.
6.
7.
8.
Full IFRS
Complete set of FS includes:
Statement of Financial
Position
Statement of Income
Statement of Cash Flows
Statement of Changes in
Equity
Statement of
Comprehensive income
Notes to Financial
Statements
A single statement of income
and retained earnings is not
permitted under full PFRS. A
statement of changes in
Investment in associates
Investment in jointly
controlled entities
Trade and other payables
Financial liabilities
Liabilities/Assets for
current taxes
Deferred tax
liabilities/assets
Provisions
Non-controlling interest
Equity attributable to the
owners of the parent
Revenue
Finance costs
Share of the profit or loss
of investment in associates
and jointly controlled
entity accounted for using
the equity method
Tax expense
A single amount
comprising the total of
post-tax effect of
discontinued operation
and post tax effect of
disposal of net assets
constituting discontinued
operation