Preface

Introduction

1-11

Purpose and Status

1-4

Scope

5-8

Users and Their Information Needs

9-11

The Objective of Financial Statements

12-21

Financial Position, Performance and Changes in Financial Position

15-21

Notes and Supplementary Schedules

21

Underlying Assumptions

22-23

Accrual Basis

22

Going Concern

23

Qualitative Characertistics of Financial Statements

24-46

Understandability

25

Relevance

26-30

Materiality

29-30

Reliability

31-38

Faithful Representation

33-34

Substance Over Form

35

Neutrality

36

Prudence

37

Completeness

38

Comparability

93-42

Constraints on Relevant and Reliable Information

43-45

Timeliness

43

Balance between Benefit and Cost

44

Balance between Qualitative Characteristics

45

True and Fair View/Fair Presentation

46

The Elements of Financial Statements

47-81

Financial Position

49-52

Assets

53-59

Liabilities

60-64

Equity

65-68

Performance

69-73

Income

74-77

Expenses

78-80

Capital Maintenance Adjustments

81

Recognition of the Elements of Financial Statements

82-98

The Probability of Future Economic Benefit

85

Reliability of Measurement

86-88

Recognition of Assets

89-90

Recognition of Liabilities

91

Recognition of Income

92-93

Recognition of Expenses

94-98

Measurement of the Elements of Financial Statements

99-101

Concepts of Capital and Capital Maintenance

102-110

Concepts of Capital

102-103

Concepts of Capital Maintenance and the Determination of Profit

104-110