Day 1 Flashcards
1
Q
Definition, Related Party Disclosures
IAS 24, A disclosure standard
A
a person or entity realted to the entity preparing financial statements (the reporting entity).
1
Q
related party transaction
A
a transfer of resources, services or obligations irrespective of whether a price is charged
2
Q
fundamental qualitative characteristics
A
Relavance (Predicative and confrimrtory), Materiality, Faithful representation
3
Q
Enhancing Qualitivate characteristics
A
Comparability, Verifiabilty, Timeliness, Understandability
4
Q
Types of valuation
A
Fair value (i.e. exit value), Value in Use, Current cost (i.e. entry value).
