Accounting standards

IFRS 5

Non current assets held for sale

IFRS 15

Revenue from Contracts with Customers

IAS 7

Statement of cash flows

IAS 16

PPE

IAS 20

Government grants

IAS 23

Borrowing Costs

IAS 37

Provisions, Contingent Liabilities and Contingent Assets

IAS 38

Intangible assets

IAS 40

Investment Property

IAS 2

Inventory

IAS 36

Impairment of assets

Fundamental characteristics

Relevance, faithful representation

Enhancing characteristics

Comparability, verifiability, timely, understandable

Element

probable flow of economic benefit, reliably measured

Matching

costs/revenues match period they’re used

Recoverable amounts

reduce assets to max cash recoverable

Duality

every transaction affects 2 accounts

Money measurement

only money transactions are recorded

Reporting entity

business treated separately from owners

Going concern

assume entity operates for foreseeable

Accrual

matching, transaction effects when they occur, not when cash moves

Prudence/conservatism

use worst case scenario of financial future

Materiality

if transaction is material, should report it

Interest cover

PBIT/finance costs

IFRS 13

Fair value measurement