IFRS Framework

IFRS Framework

1. Going Concern: Assumes the entity will continue to operate
2. Accrual Accounting: Recognizes revenues and expenses when earned or incurred
3. Materiality: Omitting or misstating information if it’s insignificant
4. Consistency: Applying the same accounting policies and methods

IFRS Accounting Principles

1. Prudence: Avoids overstating revenues and assets
2. Neutrality: Presents financial information without bias
3. Completeness: Includes all necessary information
4. Relevance: Provides useful information for decision-making

IFRS Financial Statement Requirements

1. Balance Sheet: Presents the entity’s financial position
2. Income Statement: Reports revenues and expenses
3. Statement of Changes in Equity: Shows changes in equity
4. Statement of Cash Flows: Reports inflows and outflows of cash

IFRS Disclosure Requirements

1. Accounting Policies: Explains the accounting policies used
2. Significant Accounting Estimates: Discloses estimates and assumptions
3. Related-Party Transactions: Reveals transactions with related parties
4. Financial Instruments: Discloses information about financial instruments

IFRS Recognition and Measurement Requirements

1. Assets: Recognizes assets when controlled and future economic benefits are probable
2. Liabilities: Recognizes liabilities when present obligations exist
3. Revenues: Recognizes revenues when earned
4. Expenses: Recognizes expenses when incurred