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

6 Comments

1. C
   Chris·8y ago

   I still think current cost measurement is not appropriate because of verifiability.
2. P
   P2-D2Tutor·8y ago

   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
3. A
   Ahmed·8y ago

   Conceptual framework means some principles that set some standard on IAS and IFRS to follow some specific rules? Please clear my concept.
   Thanks
4. P
   P2-D2Tutor·8y ago

   Yes, they are the foundation stone for the preparation of all the IASs and IFRSs.
   
   Thanks
5. A
   Ashik·8y ago

   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
6. P
   P2-D2Tutor·8y ago

   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