RSM220H1 Study Guide - Final Guide: Accrual, Deferral, Net Income
16 Oct 2011
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Document Summary
Gaap for private entities, not-for- profit corporations, pension plans. 1 of 16: cica handbook, due process , acsoc, eic (eic abstracts, original iasc, iasc foundation, ifric (ifric interpretations, sac (standards advisory council, sec. Chapter two: conceptual framework (1)objectives of financial reporting: goals/purposes (2a) qualitative characteristics: bridge b/w level 1 and 3. Fundamental qualitative characteristics: relevance i, predictive/feedback value, representational faithfulness, neutral, complete, free from material error/bias, transparency ii. iii. Enhancing qualitative characteristics: comparability, verifiability, timeliness, understandability. Constraints: materiality, trade-offs, cost vs. benefits (2b) elements of financial statements: bridge b/w level 1 and 3 iv. v. vi. vii. Assets: they involve present economic resources (scarce/capable of producing cash flows, the entity has right or access to these resources where others do not (restricted/enforceable) Liabilities (also constructive obligations: they represent an economic burden or obligation, the entity has a present obligation which is enforceable.
