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DAIF - Key calcs > Objective of general purpose financial reporting > Flashcards

Objective of general purpose financial reporting Flashcards

1
Q

Fundamental qualitative characteristics

A

Relevance
Faithful representation

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2
Q

Enhancing qualitative characteristics

A

Compatibility
Verifiability
Timeliness
Understandability

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3
Q

Underlying assumption

A

Going concern

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4
Q

Elements of financial statements

A

Assets
Liabilities
Equity (capital)
Income
Expenses

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5
Q

Recognition and de recognition

A

Assets
Liabilities

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DAIF - Key calcs (4 decks)

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