IASB Framework for the Preparation and Presentation of Financial Statements

Paragraphs Preface Introduction 1—11 Purpose and Status 1—4 Scope 5—8 Users and Their Information Needs 9—11 The Objective of Financial Statements 12—21 Financial Position, Performance and Changes in Financial Position 15—21 Notes and Supplementary Schedules 21 Underlying Assumptions 22—23 Accrual Basis 22 Going Concern 23 Qualitative Characteristics of Financial Statements 24—46 Understandability 25 Relevance 26—30 Materiality 29—30 Reliability 31—38 Faithful Representation 33—34 Substance Over Form 35 Neutrality 36 Prudence 37 Completeness 38 Comparability 39—42 Constraints on Relevant and Reliable Information 43—45 Timeliness 43 Balance between Benefit and Cost 44 Balance between Qualitative Characteristics 45 True and Fair View/Fair Presentation 46 The Elements of Financial Statements 47—81 Financial Position 49—52 Assets 53—59 Liabilities 60—64 Equity 65—68 Performance 69—73 Income 74—77 Expenses 78—80 Capital Maintenance Adjustments 81 Recognition of the Elements of Financial Statements 82—98 The Probability of Future Economic Benefit 85 Reliability of Measurement 86—88 Recognition of Assets 89—90 Recognition of Liabilities 91 Recognition of Income 92—93 Recognition of Expenses 94—98 Measurement of the Elements of Financial Statements 99—101 Concepts of Capital and Capital Maintenance 102—110 Concepts of Capital 102—103 Concepts of Capital Maintenance and the Determination of Profit 104—110