C2 FINMAN

1. Fair Presentation and Compliance with IFRSs 

2. Going Concern 

3. Accrual Basis of Accounting 

4. Materiality and Aggregation 

5. Offsetting 

6. Frequency of Reporting 

7. Comparative Information 

UNDERLYING ASSUMPTIONS AND PRINCIPLES 

Fair Presentation and Compliance with IFRSs 

Financial statements shall present fairly the financial position, performance, and cash flows. Fair presentation requires faithful representation in accordance with definitions and recognition criteria in the Framework. 

Going Concern 

Management shall assess the entity's ability to continue as a going concern. Financial statements are prepared on a going concern basis unless management intends to liquidate or cease trading. 

Accrual Basis of Accounting 

Financial statements (except cash flow information) shall be prepared using the accrual basis – recognizing items as assets, liabilities, equity, income, and expenses when they meet the definitions and recognition criteria. 

Materiality and Aggregation 

Separately present each material class of similar items. Items of dissimilar nature or function shall be presented separately unless immaterial. 

Offsetting 

Assets and liabilities, and income and expenses, shall not be offset unless required or permitted by an IFRS. 

Frequency of Reporting 

A complete set of financial statements (including comparative information) shall be presented at least annually. 

Comparative Information 

Present comparative information in respect of the preceding period for all amounts reported in the current period's financial statements.