ACCT 001 Lecture Notes - Lecture 9: Financial Statement, Historical Cost

• School: College of The Sequoias
• Department: Accounting (ACCT)
• Course: ACCT 001
• Professor: skaff

Document Summary

Framework for the preparation and presentation of financial statements. Framework issued by the aasb sets out the concepts that underlie the preparation of financial reports for external users. Qualitative characteristics that determine the usefulness of financial reports. The definition of the elements from which financial reports are constructed. Recognition and measurement of the elements of financial statements. To provide information about the financial position, financial performance and cash flows that is useful to users in making economic decisions. To help prediction future cash flows users need to know about. The claims against the entity and how effectively and efficiently management and the board have discharge their duties. Information about the nature and amounts of these resources and claims related to the financial position of the entity. Resources controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.