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Moderate 20—30 CA Qualitative characteristics. Other stakeholders possibly affected are present and future consumers of electric power. Being timely is also important.

These amendments allow entities to reclassify non-derivative financial assets from the fair value through profit or loss category if the assets are no longer held for the purpose of selling or repurchasing and if the entity has the intention and ability to hold them for the foreseeable future or until maturity.

But a loss is a measure of the service potential expired that is considered abnormal, unnecessary, unanticipated, and possibly nonrecur- ring and is editiob not taken into direct consideration in planning the size of the revenue stream.

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The monetary unit assumption assumes that the unit of measure the dollar afcounting reasonably stable so that Euros, Yen, or dollars of different years can be added without any adjustment. Relevance and faithful representation are the fundamental qualities leading to this decision usefulness.

It should also be noted that depreciation is not so much a ifrd of valuation as it is a means of cost allocation. The effects upon assets and equities are also important as are misstatements of individual accounts and subtotals included in the financial statements. Understand the objective of financial reporting. Hence, only a portion—not most—of the revenue should be recognized in the accounts at the time the subscription is sold. This time is currently acceptable in extractive industries where the salability of the product at a quoted price is likely and in the agricultural industry where there is a quoted price for the product and jswaban Iow additional costs of delivery to the market remain.

Intermediate Accounting Ifrs Edition Volume 2 Chapter 16

Understandability is enhanced when information is classified, characterized, and presented clearly and concisely. The purpose of this question is to develop some decision framework when the probability of a future event must be assumed.


To be a faithful representation, information must be complete, neutral, and free of material error.

Consistency facilitates comparisons between information about the same enterprise at two different points in time. Usefulness is the most ihtermediate quality because, without usefulness, there would be no benefits from information to set against its costs.

It should be noted that if the company is employing a perpetual inventory system in dollars and quantities, a debit to Cost of Goods Sold and a credit to Inventory is also necessary in Only if effort is properly related to accomplishment will the results, called earnings, have useful significance concerning the efficient utilization of business resources.

Timeliness means having information available to decision makers before it loses its capacity to influence decisions.

Financial statements are more useful if they can be compared with similar reports for prior years. Information that is decision useful to capital providers may also be useful to other users of financial reporting who are not capital providers.

intermediate accounting ifrs edition volume 2 1st first

Accrual basis In order to meet their objectives, financial statements are prepared on the accrual basis of accounting. Consistency refers to a given company following consistent accounting principles from one period to another; it does vokume refer to a company following the same accounting principles as other companies in the same industry. It should further be noted that the revenue recognition principle provides the answer to when revenue should be recognized.

Through such application the company shows consistent use of accounting standards and this permits valid comparisons from one period to the next. The Framework does not include prudence or conservatism 22 desirable qualities of volme reporting information. It follows that individuals who believe that accountability is the primary objective may arrive at different financial reporting standards than others who argue for intermedizte of cash flow.

Assets are not depreciated on the basis of a decline in their fair value, but are editino on the basis of systematic charges of expired costs against revenues. The fact that the amount of outstanding common shares doubled in January of the subsequent reporting period probably should be disclosed because such a situation is of importance to present kynci.


The compara- bility of the financial statements has been affected by a business trans- action, but there has been no change in any accounting principle intermediatte or in the method of its application. Managers and company insiders generally do not meet these criteria. The revenue is equal to the amount of cash that will be received due to the operations of the current accounting period, but this amount will not be definitely known jawaan such cash is collected.

Each deviation depends on either the existence of earlier objective evidence other than the sale or insufficient evidence of sale. As indicated in bmanagement makes a number of judgments and estimates in determining whether the criteria have irs met. To do otherwise would result in intermediwte statements that are misleading. Comparability also can enhance understandability.

Measurement of progress and status for arbitrary time periods is a practical necessity to serve those who must make decisions. A conceptual framework is necessary so that standard setting is useful, i. In this situation, an earnings process has definitely not taken place.

Although the firm cannot prosper without good advertising contracts and while advertising rates depend substantially on magazine sales, it also is true that readers will not renew their subscriptions unless the content of the magazine pleases them.

Information is understandable when it permits reasonably informed users to perceive its significance. Thus, intedmediate it is impractical, or impossible, to find a close cause-and-effect relationship between revenue and cost, this relationship is often assumed to exist.

These costs are of a promotional nature. Understandability is a link between users, who vary widely in their capacity to comprehend or utilize the information, and the decision-specific qualities of information. Only if circumstances change dramatically will the Board consider a more stable measurement unit. Could this cost anyone his or her job? It considers fair value to be more relevant because it reflects the current cash equivalent value of financial assets and financial liabilities.

Some of these terms have been in use for a long period of time, and their meanings have changed over time.