IASB Conceptual Framework – Elements of financial statements – ACCA SBR lectures

Comments

1. iyamu says

   September 5, 2018 at 10:01 am

   I still think current cost measurement is not appropriate because of verifiability.

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   • P2-D2 says

     September 5, 2018 at 7:58 pm

     Hi,

     Although we may have purchased the asset historically we would still be able to verify the current cost of the PPE. A simple task such as looking for the price in a supplier’s catalogue would reveal the current cost.

     If our PPE is specialised in nature then it may be difficult to verify the current cost but otherwise it is a valid measurement basis.

     Thanks

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2. ziaulahm says

   August 5, 2018 at 4:22 pm

   Conceptual framework means some principles that set some standard on IAS and IFRS to follow some specific rules? Please clear my concept.
   Thanks

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   • P2-D2 says

     August 5, 2018 at 4:32 pm

     Yes, they are the foundation stone for the preparation of all the IASs and IFRSs.

     Thanks

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3. ashiktamot says

   June 24, 2018 at 9:01 am

   asset = resorces controlled by the entity as result of past event ,, what is meant by past event and how does it lead to control of resources to the entity ,, can ugive some example upon these

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   • P2-D2 says

     June 24, 2018 at 7:52 pm

     Hi,

     If you purchase PPE then you control how that PPE is used as nobody has access to it following the purchase and the past event is the purchase itself.

     Think of some other assets on the SFP and how they meet the definition of an asset and see how you get on.

     Thanks

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