Conceptual framework Flashcards
1
Q
When is the the true and fair override allowed
A
Where compliance would be misleading as to conflict the objectives of financial statements as set out in the Conceptual Framework
2
Q
4 main qualitative characteristics
A
Prudence
Substance over form
Compatibility, verifiability, timeliness, understandibility
Consistency
3
Q
What assets can be capitalised
A
Expenses that would ensue future economic benefit
4
Q
NBV of assets formula
A
Expense - ((expense / useful life) x months /12))
