Assertions about Accounts Balances and Disclosures

Existence

Assets, liabilities, and equity interests exist

Rights and Obligations

The entity holds or controls the rights to assets, and liabilities are the obligations of the entity

Completeness

All assets, liabilities, and equity interests (and related disclosures) that should have been recorded (included in the financial statements) have been recorded (included)

Accuracy, Valuation, and Allocation

Assets, liabilities, and equity interests have been included in the financial statements at appropriate amounts, and any resulting valuation or allocation adjustments have been appropriately recorded, and related disclosures have been appropriately measured and described

Classification

Assets, liabilities, and equity interests have been recorded in the proper account

Presentation

Assets, liabilities, and equity interests are appropriately aggregated or disaggregated and clearly described, and related disclosures are relevant and understandable in the context of the requirements of the applicable financial reporting framework