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The definition should focus on the present rather than on past transactions or events. No definition of a liability has been agreed. fre (b) ea So far the other parts of the Conceptual Framework are still at the discussion stage. com (b) Limit the use of OCI (only to income and expenses resulting from remeasurements of assets and liabilities). com (c) Measurement. Various measurement bases have been discussed. They are divided into past present and future. Past bases are: (i) (ii) (iii) Past entry price Modified past entry amount Past exit price Present bases are: Current entry price Current exit price Current equilibrium price Value in use Future bases are: (i) (ii) Reporting entity – see above (e) Purpose and status – discussions pending (f) Application to not for profit entities – discussions pending (g) Remaining issues – discussions pending ter The examining team have flagged this topic as important.
The study guide offers more detail guidance on the depth and level at which the examinable documents will be examined. The study guide should be read in conjunction with the examinable documents list. com Title Date issued Presentation of financial statements Dec 03, rev. com Title Date issued IFRS 12 Disclosure of interests in other entities May 11 IFRS 13 Fair value measurement May 11 IFRS 15 Revenue from contracts with customers May 14 IFRS For Small and Medium-sized Entities July 09 Conceptual Framework for Financial Reporting Practice Statement: Management Commentary The International
The Conceptual Framework makes it clear that financial information should be prepared on an accruals basis but only identifies one underlying assumption – going concern. 10 Exposure Draft: Chapter 2: The Reporting Entity tud This ED was issued in March 2010. It presents the IASB's consideration of issues in the development of a reporting entity concept for inclusion in the Conceptual Framework for Financial Reporting. There are four sections. 1 The reporting entity concept This deals with general issues relating to the reporting entity concept.