Textbook Notes (368,651)
Canada (162,033)
MGAB01H3 (126)
Liang Chen (50)
Chapter 2

Chapter 2

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Department
Financial Accounting
Course
MGAB01H3
Professor
Liang Chen
Semester
Fall

Description
Canada International N Accounting standards board N International accounting standards board N 5 books Conceptual framework Qualitative characteristics 1. Faithful representatives (reliability) 2. Relevance (predictive value, feedback, timely) 3. Comparability 4. Understandability Assumptions Principles Constraints (limitations) N Monetary unit (everything is N Cost principle N Cost-benefit converted into currency) (everything is recorded N Materiality (how N Economic entity at cost price) significant)
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