Review of the Financial Reporting Frameworks and the Elements of FS Flashcards
Where are economic resources and claims reported?
Statement of financial position
Where are the changes in economic resources and claims resulting from financial performance reported?
Statement of Comprehensive Income
Where are changes in cash flows reported?
Statement of cash flows
Where are changes in economic resources and claims that are NOT resulting from financial performance reported?
Statement of Changes in equity
Information included in Financial Position
Assets
Liabilities
Equity
Information included in financial performance
Expenses
Income
Recognition criteria
Definition of the element
Fundamental qualitative characteristics
Derecognition criteria for an asset
When the entity loses control of a part or all of the recognized asset
Derecognition criteria for a liability
When the entity no longer has a present obligation for the recognized liability
Two bases of measurement
Historical cost
Current value
