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【正文】 he lower of cost or realisable value Comparability Inventory costing methods Materiality Expense immaterial unused office supplies Elements of financial statements ? Five elements are identified. Only these elements should be included in the financial statements. ? Assets – resources controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow. 22 ? Liabilities – present obligations of the enterprise arising from past events, the settlement of which is expected to result in an outflow of economic benefits. ? Equity – the residual interest left after the liability have been deducted from the assets. – It consists of owners’ contribution and different reserves. 23 ? Ine [Expenses] – increases [decreases] in economic benefits during the accounting period in the form of inflows or enhancements [outflows or depletions] of assets or decreases [incurrence] in liabilities that result in increases [decrease] in equity, other than those relating to contribution from [distributions to] equity participants. – SFP approach (on the basis of changes in assets/ liabilities) instead of IS approach 24 Recognition of elements of FS ? Depicting an item in words (with additional disclosure if necessary) and by a moary amount and the inclusion of that amount in the financial statement totals. ? The items failing to meet the recognition criteria may need to be disclosed. ? Stages of recognition – initial recognition, subsequent remeasurement and derecognition 25 ? Recognition criteria for assets and liabilities / ine and expenses – es with the definition of an elements of financial statements – It is probable that any future economic benefit associated with the item will flow to or from the entity。s cost or value can be measured with reliability. 26 Measurement of elements of FS p182 ? The process of determining the moary amounts at which items will be stated in the financial statements. ? Four different basis of measurement – Historical cost – Current/replacement cost (current entry value) – Net realisable/settlement value (current exit value) – Present value of future cash flows (economic value, value in use） 27 Example 4, p186 IFRS 13 FV measurement ? Fair value – The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date 28 Capital maintenance concepts ? Profits can be realized only after an anization3
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