Elements of Financial Statements
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portray the economic resources of an enterprise, the claims to those
resources, and the effects of transactions, events, and circumstances that
change these resources and claims
assets
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probable future economic benefit obtained or controlled by a particular
entity as a result of past transactions or events (Element)
,operating activities
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cash inflows and outflows from operations
ex.cash received from customer, cash payments to employees
cost constraint
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the cost of providing the information must be weighed against the benefits
that can be derived from using it
revenue recognition
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generally occurs (1) when realized or realizable and (2) when earned
(Principle)
measurement
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, the most commonly used measurements are based on historical cost and
fair value (Principle)
verifiability
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independent observers would reach consensus (Qualitative Characteristics
- Enhancing)
Premises FASB Relies On
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(1) responsive to entire economic community (2) operate in full view of the
public
timeliness
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having information available in time to influence decisions (Qualitative
Characteristics - Enhancing)
Financial Accounting Standards Board (FASB)
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portray the economic resources of an enterprise, the claims to those
resources, and the effects of transactions, events, and circumstances that
change these resources and claims
assets
Give this one a try later!
probable future economic benefit obtained or controlled by a particular
entity as a result of past transactions or events (Element)
,operating activities
Give this one a try later!
cash inflows and outflows from operations
ex.cash received from customer, cash payments to employees
cost constraint
Give this one a try later!
the cost of providing the information must be weighed against the benefits
that can be derived from using it
revenue recognition
Give this one a try later!
generally occurs (1) when realized or realizable and (2) when earned
(Principle)
measurement
Give this one a try later!
, the most commonly used measurements are based on historical cost and
fair value (Principle)
verifiability
Give this one a try later!
independent observers would reach consensus (Qualitative Characteristics
- Enhancing)
Premises FASB Relies On
Give this one a try later!
(1) responsive to entire economic community (2) operate in full view of the
public
timeliness
Give this one a try later!
having information available in time to influence decisions (Qualitative
Characteristics - Enhancing)
Financial Accounting Standards Board (FASB)
