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  • Conceptual Framework Handouts

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    Hammad
    12 views8 pages
    The document discusses accounting framework standards. It outlines that an asset provides future economic benefits rather than being the benefit itself, and that an economic asset is more important than a physical asset. Substance is prioritized over form. Obligations represent duties rather than outflows, and contingent liabilities as well as some off-balance sheet liabilities need to be recognized on the balance sheet.

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    The document discusses accounting framework standards. It outlines that an asset provides future economic benefits rather than being the benefit itself, and that an economic asset is more important than a physical asset. Substance is prioritized over form. Obligations represent duties rather than outflows, and contingent liabilities as well as some off-balance sheet liabilities need to be recognized on the balance sheet.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    12 views8 pages

    Conceptual Framework Handouts

    Uploaded by

    Hammad
    The document discusses accounting framework standards. It outlines that an asset provides future economic benefits rather than being the benefit itself, and that an economic asset is more important than a physical asset. Substance is prioritized over form. Obligations represent duties rather than outflows, and contingent liabilities as well as some off-balance sheet liabilities need to be recognized on the balance sheet.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Accounting framework

    Friday, 16 November 2018 4:10 PM

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    CONSEQUENCES:
    1. Asset is the source of economic benefit rather than benefit itself…
    2. Economic Asset is more important than physical asset
    3. Substance over form…

    F7 stds Page 6
    CONSEQUENCES:
    1. Present obligation is a duty or responsibility rather than outflow of economic benefit
    2. Entities need to access contingent liabilities
    3. Off balance sheet liabilities need to be recognised "ON balance sheet"

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