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IASB Conceptual Framework – Elements of financial statements
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Very helpful lectures. Thanks! The definitions for the elements have slightly changed in the revised conceptual framework, are these definitions still valid for the exam?
Very useful lecture
Very good lecture, thank you.
Thank you for such a good explanations.
Good lecture, thanks. I did notice the BPP study text indicates prudence has recently been re-introduced (in the qualitative characteristics chapter of the framework), which isn’t mentioned in the lecture when talking about prudence. Extract from BPP text:
“However, one change that could be regarded as important is the introduction of an explicit reference to the idea of prudence. Prudence is described as the exercise of caution when making judgements under conditions of uncertainty. It is explicitly stated that prudence is important in achieving neutrality, and therefore in achieving faithful representation. Prudence had been removed from the Conceptual Framework in 2010.
The IASB has further clarified that prudence works both ways: assets and liabilities should be neither overstated or understated.”
well explained
Excellent lecture on framework.