Search Definitions

A qualitative characteristic that financial information must possess to be useful to the primary users of general purpose financial reports. The fundamental qualitative characteristics are relevance and faithful representation.   CF.2.4 , …

A report that provides financial information about the reporting entity’s economic resources, claims against the entity and changes in those economic resources and claims that is useful to primary users in making decisions relating to providing resources …

A particular form of general purpose financial reports that provide information about the reporting entity’s assets, liabilities, equity, income and expenses.   …

Increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.   …

A present obligation of the entity to transfer an economic resource as a result of past events.   CF.4.26 …

Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial reports make on the basis of those reports, which provide financial information about a …

The result of applying a measurement basis to an asset or liability and related income and expenses.   CF.6.1 …

An identified feature—for example, historical cost, fair value or fulfilment value—of an item being measured.   CF.6.1 …

Uncertainty that arises when monetary amounts in financial reports cannot be observed directly and must instead be estimated.   CF.2.19 …

Grouping an asset and liability that are recognised and measured as separate units of account into a single net amount in the statement of financial position.   …