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Fundamental Qualitative Characteristics of Useful Financial Information
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CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS 49 Lesson 2.4: Enhancing Qualitative Characteristics and the Cost Constraints
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2022 04-AC-00046-0 978-621-04-4266-3 BS Accountancy
COPYRIGHT: ITEM CODE: ISBN: PROGRAMS:
CHAPTER III – CONCEPTUAL FRAMEWORK, PART 2: REPORTING ENTITIES, FINANCIAL STATEMENTS, AND THEIR ELEMENTS 59 Chapter Opener: Everybody Loves a Good Story 60 Chapter Learning Objectives 61 Introduction 62 Lesson 3.1: The Reporting Entity 65 Lesson 3.2: Financial Statements and the Reporting Period 67 Lesson 3.3: Assets: Entity’s Rights to Economic Resources 73 Lesson 3.4: Liabilities: Entity’s Economic Obligations 78 Lesson 3.5: Assets and Liabilities: Unit of Account and Contracts 83 Lesson 3.6: Equity, Income, and Expenses 86 Visual Chapter Summary 87 Discussion Questions 87 Evaluation CHAPTER IV – CONCEPTUAL FRAMEWORK, PART 3: PRINCIPLES OF RECOGNITION AND DERECOGNITION OF THE ELEMENTS OF FINANCIAL STATEMENTS 93 Chapter Opener: Recognize: Giving Credit Where Credit Is Due 94 Chapter Learning Objectives 94 Introduction 95 Lesson 4.1: Recognition 103 Lesson 4.2: Derecognition
SCAN ME
CONTENTS
CONTENTS
xi
Dedication
xii
Preface
CHAPTER I – INTRODUCTION TO CONCEPTUAL FRAMEWORK AND FINANCIAL REPORTING STANDARDS 1 Chapter Opener A: Which Code of Right and Wrong? 2 Chapter Learning Objectives 3 Lesson 1.1: The Basics: Business and Its Language, Accounting 8 Lesson 1.2: The Business Entity and Its Environments 12 Chapter Opener B: The Philippines: A Good Citizen in the Community of Nations 13 Lesson 1.3: Financial Reporting in the Philippines 19 Lesson 1.4: Conceptual Framework, Accounting Standards, and the Accounting Cycle 26 Visual Chapter Summary 27 Discussion Questions 28 Evaluation CHAPTER II – CONCEPTUAL FRAMEWORK, PART 1: OBJECTIVES OF ACCOUNTING AND FINANCIAL REPORTING OF BUSINESS ENTITIES 33 Chapter Opener: Real News Versus Fake News 34 Chapter Learning Objectives 35 Introduction 36 Lesson 2.1: General Purpose Financial Reporting: Objectives, Usefulness, and Limitations 40 Lesson 2.2: Information Provided by General Purpose Financial Reports
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Visual Chapter Summary Discussion Questions
Evaluation
CHAPTER V – MEASUREMENT PRINCIPLES AND STANDARDS 115 Chapter Opener: Who’s Afraid of the “Big Bad Math”? 116 Chapter Learning Objectives 116 Introduction 118 Lesson 5.1: Measurement Bases – Historical Cost 122 Lesson 5.2: Measurement Bases – Current Value 127 Lesson 5.3: Factors to Consider When Selecting a Measurement Basis 136 Lesson 5.4: Measurement of Equity 137 Lesson 5.5: Cash-flow-based Measurement Techniques 139 Lesson 5.6: Business Entity with Elements Measured at Fair Value 153 Lesson 5.7: A Framework for Fair Value Measurement Approach 165 Visual Chapter Summary 166 Discussion Questions 166 Evaluation CHAPTER VI – PRESENTATION AND DISCLOSURES: GENERAL AND SPECIFIC STANDARDS; ACCOUNTING POLICIES AND CHANGES 179 Chapter Opener: Not Just What You Say but How You Say It 180 Chapter Learning Objectives 180 Introduction: Business Entity as Main Subject of Financial Information 181 Lesson 6.1: General Presentation and Disclosure Standards 187 Lesson 6.2: Specific Presentation and Disclosure Standards: PAS 1 Presentation of Financial Statements 204 Lesson 6.3: Specific Presentation and Disclosure Standards: PAS 7 Statement of Cash Flows
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Fundamental Qualitative Characteristics of Useful Financial Information Enhancing Qualitative Characteristics and the Cost Constraints
Lesson 2.3:
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Lesson 2.4:
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Visual Chapter Summary Discussion Questions
Evaluation
CHAPTER III – CONCEPTUAL FRAMEWORK, PART 2: REPORTING ENTITIES, FINANCIAL STATEMENTS, AND THEIR ELEMENTS 59 Chapter Opener: Everybody Loves a Good Story 60 Chapter Learning Objectives 61 Introduction 62 Lesson 3.1: The Reporting Entity 65 Lesson 3.2: Financial Statements and the Reporting Period 67 Lesson 3.3: Assets: Entity’s Rights to Economic Resources 73 Lesson 3.4: Liabilities: Entity’s Economic Obligations 78 Lesson 3.5: Assets and Liabilities: Unit of Account and Contracts 83 Lesson 3.6: Equity, Income, and Expenses 86 Visual Chapter Summary 87 Discussion Questions 87 Evaluation
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CHAPTER IV – CONCEPTUAL FRAMEWORK, PART 3:
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