Search Definitions

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.   …

Uncertainty about the amount or timing of any inflow or outflow of economic benefits that will result from an asset or liability.   …

Within an economic resource, a feature that already exists and that, in at least one circumstance, would produce for the entity economic benefits beyond those available to all other parties.   …

Existing and potential investors, lenders and other creditors.   CF.1.2 …

The exercise of caution when making judgements under conditions of uncertainty. The exercise of prudence means that assets and income are not overstated and liabilities and expenses are not understated. Equally, the exercise of prudence does not allow for …

The process of capturing for inclusion in the statement of financial position or the statement(s) of financial performance an item that meets the definition of one of the elements of financial statements—an asset, a liability, equity, income or expenses. …