IFRS® Conceptual Framework
Project Summary
March 2018
Conceptual Framework for Financial Reporting
2 | Project Summary | Conceptual Framework | March 2018
Conceptual Framework at a glance
Introduction
The International Accounting Standards Board (Board) issued the revised
Conceptual Framework for Financial Reporting (Conceptual Framework), a
comprehensive set of concepts for financial reporting, in March 2018.
It sets out:
• the objective of financial reporting
• the qualitative characteristics of useful financial information
• a description of the reporting entity and its boundary
• definitions of an asset, a liability, equity, income and expenses
• criteria for including assets and liabilities in financial statements
(recognition) and guidance on when to remove them (derecognition)
• measurement bases and guidance on when to use them
• concepts and guidance on presentation and disclosure
This Project Summary summarises:
• why the Board revised the Conceptual Framework
• the main changes from the previous Conceptual Framework
• the main concepts and guidance in each chapter of the
Conceptual Framework
Purpose
• to assist the Board to develop IFRS Standards (Standards) based on
consistent concepts, resulting in financial information that is useful to
investors, lenders and other creditors
• to assist preparers of financial reports to develop consistent accounting
policies for transactions or other events when no Standard applies or a
Standard allows a choice of accounting policies
• to assist all parties to understand and interpret Standards
Status
• provides concepts and guidance that underpin the decisions the Board
makes when developing Standards
• not a Standard
• does not override any Standard or any requirement in a Standard
Effective date
• immediately for the Board and the IFRS Interpretations Committee
• annual periods beginning on or after 1 January 2020 for preparers who
develop an accounting policy based on the Conceptual Framework
Project Summary | Conceptual Framework | March 2018 | 3
Why have we revised the Conceptual Framework?
Priority
identified as a priority by stakeholders in the 2011 Agenda Consultation
Filling gaps
for example, guidance on measurement, presentation and disclosure
Updating
for example, the definitions of an asset and a liability
Clarifying
for example, the role of measurement uncertainty
Previous
Conceptual Framework
Revised
Conceptual Framework
• issued in 1989 and partly revised in 2010
• useful, but incomplete and needed improvement
• a comprehensive set of concepts for financial reporting
Approach
In revising the Conceptual Framework, the Board
sought a balance between providing high-level
concepts and providing enough detail for the
Conceptual Framework to be useful to the Board
and others.
The Board views the Conceptual Framework as a
practical tool to help it develop Standards.
Hence, the Conceptual Framework includes concepts ...
The document summarizes revisions made to the Conceptual Framework. Key changes include:
- Refining the definitions of assets and liabilities by separately defining an "economic resource" and removing the reference to "expected flow" from future benefits.
- Clarifying aspects of the definitions related to measurement uncertainty, prudence, and substance over form.
- Introducing guidance on measurement concepts, presentation/disclosure, and derecognition of assets and liabilities.
- Explaining the objective of financial reporting is to provide useful information to users for decision making, and defining users as existing/potential investors, lenders and creditors.
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The document provides an overview of the IASB Conceptual Framework 2018, which was revised in March 2018. It summarizes the key topics covered in each of the 8 chapters of the framework. The chapters cover the objectives of financial reporting, qualitative characteristics of useful financial information, the elements of financial statements, recognition and derecognition, measurement, presentation and disclosure, and concepts of capital and capital maintenance. Key definitions and concepts introduced or revised in the 2018 framework include the definition of an economic resource, separate recognition criteria, and discussion of derecognition. The framework also describes the reporting entity and consolidated financial statements.
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The document summarizes revisions made to the Conceptual Framework. Key changes include:
- Refining the definitions of assets and liabilities by separately defining an "economic resource" and removing the reference to "expected flow" from future benefits.
- Clarifying aspects of the definitions related to measurement uncertainty, prudence, and substance over form.
- Introducing guidance on measurement concepts, presentation/disclosure, and derecognition of assets and liabilities.
- Explaining the objective of financial reporting is to provide useful information to users for decision making, and defining users as existing/potential investors, lenders and creditors.
This document provides an overview of Nigeria's roadmap to adopting International Financial Reporting Standards (IFRS) and converting from Statements of Accounting Standards (SAS) to IFRS. It discusses Nigeria's plan to adopt IFRS in 8 phases, beginning with objectives and qualitative characteristics. It also covers the conceptual framework and foundations of IFRS, benefits of IFRS adoption, and highlights of Nigeria's conversion process from SAS to IFRS. The document aims to guide Nigerian entities through understanding IFRS and transitioning reporting to align with global standards.
This chapter discusses the conceptual framework that underlies financial accounting. The conceptual framework is a coherent system of objectives and concepts that prescribe the nature, function and limits of financial reporting. It aims to increase users' understanding and confidence in financial reporting and enhance comparability. The FASB has issued several statements that relate to the conceptual framework and cover objectives of financial reporting, qualitative characteristics of accounting information, elements of financial statements, and recognition and measurement concepts. The conceptual framework also describes basic assumptions like economic entity, going concern, monetary unit and periodicity. It explains principles like historical cost, revenue recognition, matching and full disclosure. Constraints like cost-benefit relationship and materiality must also be considered in financial reporting.
Difference Between IASB And FASB conceptual framework Ro'ya Abd Elhafez
This document compares and contrasts the conceptual frameworks of the FASB and IASB. Some key differences include:
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- Both frameworks identify similar fundamental concepts such as objectives of financial reporting, qualitative characteristics of useful information, elements of financial statements, and recognition and measurement criteria.
- However, the IASB framework provides more detailed guidance around presentation and disclosure, derecognition, and the definition of a reporting entity.
- The frameworks also take different approaches to concepts like the capital maintenance concept, with the FASB focusing on financial capital maintenance and the I
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The document provides an overview of the IASB Conceptual Framework 2018, which was revised in March 2018. It summarizes the key topics covered in each of the 8 chapters of the framework. The chapters cover the objectives of financial reporting, qualitative characteristics of useful financial information, the elements of financial statements, recognition and derecognition, measurement, presentation and disclosure, and concepts of capital and capital maintenance. Key definitions and concepts introduced or revised in the 2018 framework include the definition of an economic resource, separate recognition criteria, and discussion of derecognition. The framework also describes the reporting entity and consolidated financial statements.
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The document summarizes the International Accounting Standards Board's (IASB) completion of the first phase of its conceptual framework project, which established new chapters on the objective of general purpose financial reporting and the qualitative characteristics of useful financial information. It provides background on the goals of the project to develop a principles-based conceptual framework and update the outdated 1989 framework. It describes the project phases, feedback received, and key changes made in response to comments received during consultation, such as clarifying the objective to include decisions about management accountability and stewardship.
This document outlines the key points of Statement of Financial Accounting Concepts No. 5 from the Financial Accounting Standards Board (FASB). Some of the main topics covered include:
- Recognition criteria for incorporating items into financial statements, including being definable, measurable, relevant, and reliably representational.
- The components that should be included in a full set of financial statements, such as statements of financial position, earnings, comprehensive income, cash flows, and investments/distributions.
- Guidance on recognizing revenues, expenses, gains and losses as components of earnings or comprehensive income. Items must be realized/realizable and earned to be included in earnings.
- Recognition and measurement of assets,
MBA 5004 Fundamentals of Accounting -2.pptxSameeraGamage1
This document provides an overview of the fundamentals of accounting concepts for an MBA program. It defines key elements of financial statements such as assets, liabilities, equities, income and expenses. It also defines accounting concepts like the cost concept, entity concept, matching concept, and materiality concept. Additionally, it discusses management accounting, cost classification, and the differences between financial and management accounting.
chapter- 1 inroduction to advanced financial accounting.pptxMohamedAbdi347025
This document provides an overview of accounting concepts including the framework, objectives, and standards of accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events. The key objectives of accounting are to systematically record transactions, ascertain financial results and position, and provide information to decision makers. International standards like IFRS and domestic standards like US GAAP aim to standardize accounting policies for consistency and comparability.
This document discusses upcoming changes to auditor reporting that will require auditors to disclose key audit matters (KAM) in their audit reports. It summarizes feedback from stakeholders in Australia and New Zealand on the implications and impact of these changes. While stakeholders see potential value in increased transparency and understanding of the audit, they also identify challenges including increased liability, time and costs. The document provides insights from international examples and discussions on how to ensure the changes have their intended benefit without unintended consequences like overly long reports that confuse rather than inform.
The document outlines Ethiopia's roadmap for adoption of International Financial Reporting Standards (IFRS). It discusses the challenges of adopting IFRS and strategies to address them. The roadmap involves a three-phase transition over three years, beginning with significant public interest entities in 2009 and ending with small and medium entities in 2011. It emphasizes the need for education, training, legal and regulatory changes, and monitoring to ensure successful adoption.
The document outlines Ethiopia's roadmap for adoption of International Financial Reporting Standards (IFRS). It includes a three-phase transition plan over three years, beginning with significant public interest entities in 2009 and ending with small and medium entities in 2011. It discusses requirements for entities to disclose effects of adoption and for audit firms to report on their IFRS preparation. It also proposes a task force to support implementation and address issues arising during the transition period.
Sound governance and effective institutions are essential to achieve shared prosperity and sustained reductions in poverty.
Public accountability and proper governance contribute to better delivery of public services, support competition and growth, including through cooperation with private sector.
Quality information helps the government properly analyze risks and play their essential roles in resolving the complex and interconnected challenges in variety of sectors, including in health, social protection and education.
This document discusses the components and elements of financial statements for the European Communities. It outlines the key financial statements including the balance sheet, economic outturn account, statement of changes in net assets, and cash flow table. It describes the elements that make up each statement such as assets, liabilities, income, and expenses. It also discusses the accounting policies, notes, and segment information that are included in the financial statements. The overall purpose is to provide a structured representation of the financial position and transactions of the European Communities that is useful for decision making and accountability.
This document summarizes an event presented by Vincent Leo and Jennifer Martlew of Insero & Company on November 18, 2014. It covered various accounting topics, including FASB/IASB convergence efforts, private company financial reporting, and recent FASB accounting standards updates. The agenda included overviews of FASB/IASB convergence projects, private company reporting considerations, and summaries of new standards on topics such as goodwill accounting, interest rate swaps, and discontinued operations reporting.
This document provides an overview of a seminar on financial reporting practices. It defines financial reporting as communicating accounting information about a company to external users. The scope includes both general and special purpose financial reports presented annually or as needed. Companies typically present three major financial statements: the balance sheet, income statement, and statement of cash flows. The objectives, qualitative characteristics, and conceptual framework of financial reporting are also outlined. Key aspects covered include relevance, faithful representation, comparability, verifiability, and the balance between benefits and costs.
1) Financial reporting in Bangladesh provides information to stakeholders to aid in capital allocation decisions. Key stakeholders include investors, creditors, standard setters, and management.
2) The objectives of financial reporting are to provide useful and decision-relevant information about a company's economic resources and changes in resources. This allows users to assess management stewardship and make resource allocation decisions.
3) Several challenges can threaten reliable financial reporting, including management bias, globalization, and technological changes. Standards aim to reduce bias and meet users' needs.
This document provides an overview of key concepts in financial accounting, including:
1) The components of an annual report and qualitative characteristics of financial information such as relevance and reliability.
2) The conceptual framework that guides financial accounting standards, including statements on objectives, qualitative characteristics, and elements of financial statements.
3) Key principles of accounting like historical cost, realization, and matching; and the need for ethics in accounting governed by professional codes.
Revolutionising Reporting: Why Care? is the first in the Future Directions series of the future[inc]. Developed out of a series of meetings globally and two stakeholder events with a range of directors, investors and practitioners held in Auckland and Sydney in March.
There are historic changes coming in what the financial statement auditor will say publicly in their report. For listed entities there will be a section where the auditor explains the main areas they looked at in their audit of that company for the year, and a summary of the audit procedures they undertook to address the matter.
Since auditing began, consistency in how auditors report to shareholders has been a predominant feature. Audit is complex, technical work and consistency in explaining the role and the results of the audit work has taken prevalence.
This is being turned on its head! The increasing demands for transparency of process, to help justify trust, has led to the introduction, for the first time, of unique commentary in the audit report to shareholders. A major change to market communication.
These new requirements will be effective from December 2016 year end’s, though many firms and companies will be trialling it this year. Download your copy.
This document provides guidance on reporting non-GAAP financial measures such as EBITDA and free cash flow. It recommends:
1. Defining standardized measures of EBITDA and free cash flow that are comparable between entities.
2. Disclosing any entity-specific adjustments to the standardized measures and explaining the reasons for the adjustments.
3. Providing additional contextual disclosures to complement the non-GAAP measures and help users understand them.
The goals are to improve comparability while allowing entities to communicate unique information, and to enhance transparency around non-GAAP measures. This should lead to more reliable measures and lower uncertainty for investors.
The document provides information on a conceptual framework for financial reporting, including:
- It includes tables classifying questions and assignments by topic and learning objective.
- It discusses the objectives of a conceptual framework, qualitative characteristics of accounting information like relevance and faithful representation, and the elements of financial statements.
- It also covers basic assumptions of accounting like going concern, principles like revenue and expense recognition, and constraints like materiality.
This document outlines the framework for preparing and presenting financial statements in the Philippines. It discusses the purpose and status of the framework, which is to assist various groups in developing accounting standards and interpreting financial statements. The framework also covers topics like the objective of financial statements, underlying assumptions, qualitative characteristics, elements of financial statements, and recognition and measurement principles. However, the framework itself does not define specific standards and can be overridden by Philippine Accounting Standards in cases of conflict.
Week 10 Term Paper SubmissionIf you are using the Blackboard Mobil.docxsheronlewthwaite
Week 10 Term Paper Submission
If you are using the Blackboard Mobile Learn IOS App, please click "View in Browser."
Click the link above to submit your assignment.
Students, please view the "Submit a Clickable Rubric Assignment" in the Student Center.
Instructors, training on how to grade is within the Instructor Center.
Term Paper Project: Designing a Secure Network
Due Week 10 and worth 190 points
This term paper involves putting together the various concepts learned throughout this course. You are tasked with designing the most secure network possible, keeping in mind your goal of supporting three (3) IT services: email, file transfer (centralized), and VPN. Your first step is to design a single network capable of supporting there three (3) different services. Once you have fully designed your network, you will need to provide three (3) workflow diagrams explaining how your designed network handles the three (3) different transactions. The first is an internal user sending an email using his / her corporate email address to a user on the Yahoo domain with an arbitrary address of
[email protected]
The second workflow diagram should show a user initiating an FTP session from inside your network to the arbitrary site of ftp.netneering.com. The third workflow is an externally located employee initiating a VPN session to corporate in order to access files on the Windows desktop computer, DT-Corp534-HellenS, at work.
Write a ten to fifteen (10-15) page paper in which you complete the following three (3) Parts. Note: Please use the following page breakdown to complete your assignment:
Overall network diagram: One (1) page
Datapath diagrams: Three (3) pages (one for each diagram)
Write-up: six to ten (6-10) pages
Part 1
Using Microsoft Visio or its open source alternative, create a diagram showing the overall network you’ve designed from the user or endpoint device to the Internet cloud, and everything in between, in which you:
Follow the access, core, distribution layer model.
Include at a minimum:
Authentication server (i.e. Microsoft Active Directory)
Routers
Switches (and / or hubs)
Local users
Remote users
Workstations
Files share (i.e. CIFS)
Mail server
Web servers (both internal and external)
Firewalls
Internet cloud
Web proxy
Email proxy
FTP server (for internal-to-external transport)
Explain each network device’s function and your specific configuration of each networking device.
Design and label the bandwidth availability or capacity for each wired connection.
Part 2
Using Microsoft Visio or its open source alternative, create a Datapath Diagram for the following scenario:
Local user sends email to a Yahoo recipient. Local (corporate) user having email address
[email protected]
sends an email to
[email protected]
Document and label the diagram showing protocols and path of the data flow as data traverses through your network from source to destination.
Include path lines with arrows showing directions and layer 1, 2, 3, 4, 5, 6, .
Week 11 Question SetRoper v. SimmonsREAD THE ENTIRE CA.docxsheronlewthwaite
Week 11 Question Set:
Roper v. Simmons
:
READ THE ENTIRE CASE otherwise the sections I picked may not make complete sense to you!!!
Brief these sections of Justice Kennedy’s majority opinion:
III A
III B
Miller v. Alabama:
READ THE ENTIRE CASE otherwise the sections I picked may not make complete sense to you!!!
Brief these sections of Justice Kagan’s majority opinion:
II
IV
.
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Overall network diagram: One (1) page
Datapath diagrams: Three (3) pages (one for each diagram)
Write-up: six to ten (6-10) pages
Part 1
Using Microsoft Visio or its open source alternative, create a diagram showing the overall network you’ve designed from the user or endpoint device to the Internet cloud, and everything in between, in which you:
Follow the access, core, distribution layer model.
Include at a minimum:
Authentication server (i.e. Microsoft Active Directory)
Routers
Switches (and / or hubs)
Local users
Remote users
Workstations
Files share (i.e. CIFS)
Mail server
Web servers (both internal and external)
Firewalls
Internet cloud
Web proxy
Email proxy
FTP server (for internal-to-external transport)
Explain each network device’s function and your specific configuration of each networking device.
Design and label the bandwidth availability or capacity for each wired connection.
Part 2
Using Microsoft Visio or its open source alternative, create a Datapath Diagram for the following scenario:
Local user sends email to a Yahoo recipient. Local (corporate) user having email address
[email protected]
sends an email to
[email protected]
Document and label the diagram showing protocols and path of the data flow as data traverses through your network from source to destination.
Include path lines with arrows showing directions and layer 1, 2, 3, 4, 5, 6, .
Week 11 Question SetRoper v. SimmonsREAD THE ENTIRE CA.docxsheronlewthwaite
Week 11 Question Set:
Roper v. Simmons
:
READ THE ENTIRE CASE otherwise the sections I picked may not make complete sense to you!!!
Brief these sections of Justice Kennedy’s majority opinion:
III A
III B
Miller v. Alabama:
READ THE ENTIRE CASE otherwise the sections I picked may not make complete sense to you!!!
Brief these sections of Justice Kagan’s majority opinion:
II
IV
.
Week 11 (On the day you have class during this week) Population .docxsheronlewthwaite
Week 11 (On the day you have class during this week): Population
Select topic # 1 or topic # 2 below and write one page in which you briefly provide your answer: Topic # 1: Do you think rapid global population growth is cause for alarm? If not, why not? If so, what aspects of global population growth are specifically worrisome? What should be done about them? Answers will vary by student and may include references to Malthus and theory (pp. 502
–
504), demographic transition theory (pp. 505
–
507), population and social inequality (pp. 507
–
508), class inequality and overpopulation (p. 509), and urbanization (pp. 510
–
519).
Topic # 2: Do you think of the city mainly as a place of innovation and tolerance or mainly as a site of crime, prejudice, and anomie? Where does your image of the city come from? Your own experience? The mass media? Your sociological reading?
Answers will vary by student and may include references to text information on urbanization (pp. 510
–
519).
1 page 500 words
.
Week 10 Assignment 3 - Submit Here
Students
, please view the "Submit a Clickable Rubric Assignment" in the Student Center.
Instructors
, training on how to grade is within the Instructor Center.
Assignment 3: Cultural Activity Report
Due Week 10 and worth 100 points
As a way of experiencing the Humanities beyond your classroom, computer, and textbook, you are asked to do a certain type of “cultural activity” that fits well with our course and then report on your experience. Your instructor will require you to propose an activity and get instructor approval before you do it and report on it (students should look for any instructions in that respect). Every effort should be made to ensure that this is a hands-on experience (not a virtual one), that this activity fits the HUM111 class well, and that the activity is of sufficient quality for this university course. The two key types of activities are a museum visit or a performance. NOTE: This must not be a report on the same activity (and certainly not the same report) as done for another class, like HUM112. For instance, one might go to the same museum as done for HUM112, but this HUM111 report will focus on entirely different works and displays.
Visit a museum or gallery exhibition or attend a theater or musical performance before the end of Week 10. The activity (museum or performance) should have content that fits our course well. Have fun doing this.
Write a two to three (2-3) page report (500-750 words) that describes your experience.
Clearly identify the event location, date attended, the attendees, and your initial reaction upon arriving at the event.
Provide specific information and a description of at least two (2)
pieces
(e.g. art, exhibits, music, etc.).
Provide a summary of the event and describe your overall reaction after attending the event.
Use at least the class text as a reference (additional sources are fine, not necessary unless required by your content). Your report should include connections you make between things observed in your activity and things learned in the course and text.
Note
: Submit your cultural activity choice to the instructor for approval before the end of Week 5 (earlier is even better). Look for guidance from the instructor for how or where to make your proposal. You may also seek advice from your instructor (provide your town/state or zip code) for a good activity in your general area.
Visiting a Museum
It makes sense to approach a museum the way a seasoned traveler approaches visiting a city for the first time. Find out what there is available to see. In the museum, find out what sort of exhibitions are currently housed in the museum and start with the exhibits that interest you.
If there is a travelling exhibition, it’s always a good idea to see it while you have the chance. Then, if you have time, you can look at other things in the museum.
Every effort should be made ahead of time to identify a museum that has items and works one can e.
Week 1 - Discussion 2
The Industrial Revolution
Background: In the last quarter of the 19th Century, the Industrial Revolution was in full swing; however, with the business boom came a number of concerns, including corporate influence in politics and waves of immigration, as well as a middle class in apparent decline. These developments seemed to threaten to alter the character of American society as new technologies introduced new social problems, as well as offering new opportunities. The rise of captains of industry (or robber barons), with their sway of politicians, created a widespread feeling among common Americans that they had had lost control of their government.
Required Source:
The American Industrial Revolution
from the Films on Demand database in the Ashford University Library.
Instructions: Based on your textbook and the assigned video, analyze how the revolutionary nature of this period impacted either Native Americans, immigrants, or farmers, using the following questions as the basis of your analysis:
What were the most revolutionary social and economic developments of the last quarter of the nineteenth century?
How did the group of Americans you chose to examine respond to those changes, and how effective were their responses?
What role did government play in these developments?
Your initial post should be at least 250 words in length. Support your claims with examples from the required material(s) and properly cite any references. You may use additional scholarly sources to support your points if you choose. Your references and citations must be formatted according to APA style as outlined by the Ashford Writing Center.
.
Week 1 System and Application Overview An overview of the system.docxsheronlewthwaite
Week 1: System and Application Overview:
An overview of the system or software application an intended users
Week 1: Requirements Specification:
Detailed requirements specification with both functional and nonfunctional requirements
Week 2: System and Application Design:
A high-level design in the form of use cases and detailed design models utilizing computer-aided software engineering (CASE) tools to represent the data, processes, and interfaces
Week 3: Test and Quality Assurance Plan:
A test and quality assurance plan that included the various tests and quality control measures that need to be taken into consideration
Week 4: Development Strategy:
A development strategy that weighs make versus buy or insourcing versus outsourcing acquisition strategies
Integration and Deployment Plan
Develop an overall work breakdown structure (WBS) for the 7 system development life cycle (SDLC) phases:
Preliminary Analysis
System Analysis or Requirements Definition
System Design
Development
Integration and Testing
Acceptance, Installation, and Deployment
Operation Support and Maintenance
.
Week 1 DQOne objective of this course is learning how to cor.docxsheronlewthwaite
Week 1 DQ
One objective of this course is learning how to correctly interpret statistical measures. This includes learning how to identify intentionally misleading statistics. For this week's activity create your own example of a misleading statistic. Explain the context of the data, the source of the data, the sampling method that you used (or would use) to collect the data, and the (misleading) conclusions that would be drawn from your example. Be specific in explaining how the statistic is misleading.
500 hundred words one page
.
Week 1 - AssignmentDo the followingA corporation is created b.docxsheronlewthwaite
Week 1 - Assignment
Do the following:
A corporation is created by state issuing a charter upon the application of individuals known as incorporators. As a creature of state legislative bodies, the corporation is more complex to create and operate than other forms of businesses.
Write a one page essay describing the advantages and disadvantages of forming a corporation. Also, outline the complexities of creating a corporation.
In a Word document, you will want to save your essay file as ‘Week 1_Assignment_Your Name’ and submit the file for grading.
.
Weather Forecast Assignment Objective create a weather map.docxsheronlewthwaite
This document provides an assignment to create a weather map and forecast for 4 areas in late summer. Students must draw two midlatitude cyclones, one over the Great Lakes occluding and one mature over Colorado. They must write forecasts for areas along the warm front, cold front, cut off low, and occlusion, and show weather station models for at least 8 cities including dew point, temperature, wind, clouds, and pressure. Students should also draw isobars around each cyclone and across the US on their map.
Weak ties are valuable parts of a social network becausea.it is.docxsheronlewthwaite
Weak ties are valuable parts of a social network because:
a.
it is easier to sever them if a friendship doesn't blossom smoothly.
b.
it is easier to exert power over those to which we have such ties.
c.
they are more likely to introduce us to new information and ideas.
d.
we do not have to invest as much energy in maintaining them.
.
We have read and watched, in the two You Tube clips from the.docxsheronlewthwaite
We have read and watched, in the two You Tube clips from the Judaism and Christianity chapters, that monotheistic proselytizing religions have often been blamed for colonizing or destroying indigenous and foreign religions. Today, most of the world's monotheists live in countries that were once colonized by Portugal, France, Britain, Spain, Germany or other European countries. Because of this history, some critics of monotheism have argued that monotheistic religions are bad neighbors to other religions. Your task in this prompt is to reflect on this critique in light of what we have read about the history, practice, and teachings of Monotheistic faiths.
Writing Prompt:
Based on the readings and the YouTube clips we have watched explain whether or or not the teachings and practices of monotheistic faiths are helpful resources for becoming neighbors with the other non-monotheistic faiths we have studied? Explain why or why not.
Organizational Guidelines:
Introduction:
Introduce the position you are taking and clearly explain in a sentence or two why you are taking the position.
Paragraph One:
Discuss the historical events, practices or teachings that you think make monotheistic religion a good neighbor or a bad neighbor. (Be sure to use information from Brodd text and YouTube clips.)
Paragraph Two:
Expound on what you have articulated in paragraph one or present other relevant historical, events, or teachings.
*Note: You may not see a need to take two paragraphs here if not continue to the next point.
Paragraph Two or Three:
Discuss what monotheist stand to learn from other religions, which we have read, that could make them better neighbors. Or, if you think Christians are good neighbors discuss what you think the other religions we have read could learn from monotheism.(Expound on this point as you see fit.)
*Note: Choose only one or two religions here. You do not need to discuss all of the religions we have read. You also could choose to group the religions if you find they hold one thing in common that is distinct from monotheistic faith.
Paragraph Four: Conclusion
Restate and summarize your argument. Discuss what you think is the future for monotheism as it is faced with coming to terms with an awareness of religious diversity.
Word Processing Guidelines
1. 12pt font
2. 1 inch margins
3. 800 words maximum
4. For referencing please use the parenthetical format
Examples: (Brodd, 23); (YouTube, Judaism); or (YouTube, Christianity).
Helpful Guiding Questions:
What events or concepts in the history and practice of monotheism do you think make it susceptible to dominating the religions of its neighbors?
What events or concepts in the history and practice of monotheism make it the ideal neighbor to other religions?
What might monotheists learn, from the religions we have read, that might make Christians better neighbors to the world's religions? Or, what can Christians teach practitioners of the religions we have read so far that might make.
Web Site Project 1 Purpose The purpose of this project is to .docxsheronlewthwaite
Web Site Project 1
Purpose:
The purpose of this project is to demonstrate the ability to implement basic HTML code to create a simple three-page web site that displays text and links, and to properly validate the code and publish the site to the Web.
Instructions:
Create a three-page website about your favorite city. The home page should introduce the user to the city and why it is your favorite; then, briefly explain what the rest of the site contains. Page two should give general information about the city – a brief history/general information and current demographical statistics. Finally, the third page should display information about attractions, tourism, etc.
Requirements:
Your web site must demonstrate effective use of the basic HTML code from chapter 2. In order to complete
Web Site Project 1
, each page must include, at a minimum:
a properly coded head section
o
include an appropriate title to display in the title bar
a body section that demonstrates effective use of
o
heading 1 and heading 2 elements
o
paragraph and/or blockquote elements
o
line break element
o
unordered, ordered, or description lists
at least
two
different lists should be used, but not necessarily on
the same page
o
div and anchor elements
divs should be used to indicate “divisions” between sections of a web page, and create white space; for example, between the heading, navigation, content, and footer
anchor elements should be used to construct relative, absolute, and email links
o
bold and italicize phrase elements
navigation and external links
o
create navigation links to link your web pages
o
link to at least four other web sites that pertain to your favorite city
NOTE:
the external links do not have to be on every page and
cannot
include the site(s) you used for research
•
email and copyright information
o
include the text
Questions? Contact
with a link to your email address
o
include the word
Copyright
and the copyright symbol (note: the symbol
must use the appropriate code)
o
must include links to at least two online sources
o
this information must display on every page
.
Web QuizAssignment Name Web Field Trip Military Industrial Com.docxsheronlewthwaite
Web Quiz
Assignment Name:
Web Field Trip: Military Industrial Complex
Title:
Military Industrial Complex
Introduction:
World War II and then the Cold War increased the annual budget of the United States dramatically in the two decades from 1940 to 1960. During this period, the United States went from a reluctant participant in Western European culture to the military protector of Western Europe. The increase in the money spent on the military had enormous implications not only for the role of the United States in geopolitics, but also for the viability of democratic institutions within the United States. As members of congress became increasingly beholden to military contractors who supplied jobs in their congressional districts, the nature of politics in the United States changed significantly. In 1960, republican president Dwight Eisenhower called attention to what he originally labeled the military-industrial-congressional complex, a phrase that he later shortened to simply the military industrial complex.
To read Eisenhower's warning, see the following site.
Activity
Visit this URL:
Military-Industrial Complex Speech, Dwight D. Eisenhower, 1961
Instructions:
Answer the following questions in the fields below.
1.
Why was Eisenhower a particularly well informed person on this subject?
2.
How did Eisenhower feel about the escalating costs of warfare?
3.
What were the implications of leaving this issue alone?
Web Quiz
Assignment Name:
The Port Huron Statement of the Students for a Democratic Society (1962)
Title:
The Port Huron Statement of the Students for a Democratic Society (1962)
Introduction:
The Port Huron statement was issued by a meeting of the Students for a Democratic Society (SDS) convention in Port Huron, Michigan, held on June 11-15, 1962. Largely written by Tom Hayden, the statement proclaims that young people are breaking away from the conservatism bred by the Cold War, frightened by the prospect of nuclear war, and alienated from American society by the falsehoods they have been told. The statement lays out the ways the New Left movement will create a grass-roots "participatory democracy," able to reconnect the public with American politics.
Visit URL:
The Port Huron Statement of the Students for a Democratic Society (1962)
Instructions:
After reading the introduction and the primary source provided, answer the questions below.
What does the statement say about African Americans and civil rights?
What concerns are raised about poverty in the United States?
What economic changes are called for?
What are the key components of participatory democracy?
Why are the demands of the Port Huron Statement considered on the liberal/left end of the political spectrum?
.
Web Technology PresentationSubmit a presentation for the CIO. Your.docxsheronlewthwaite
Web Technology Presentation
Submit a presentation for the CIO. Your presentation should address in detail the requirements for changing the database to a web-based architecture. Your CIO is interesting in knowing whether it is cost effective to use the cloud as an alternative for storing data. Explore additional options such as hosted SQL servers, SaaS providers, cloud deployment models, and the security implications.
To help the CIO make an informed decision, discuss the steps required to determine whether a web solution is appropriate and viable.
it should be 3-4 pages and tunitin free
.
We normally think of the arts as very different from technologies in.docxsheronlewthwaite
We normally think of the arts as very different from technologies in spite of the fact that art (with perhaps a few exceptions) is practiced with the help of technology. This practice creates interdependence between technology and art. To what extent does art respond to, or is shaped by, the technology that enables it? To what extent have advanced and accessible digital technologies, such as websites, digital photography, and YouTube, changed the relationship between art and technology? Are these technologies reshaping our attitudes toward artists?
.
Web Discussion and Assignment #41 page is Web Discussion with this.docxsheronlewthwaite
Web Discussion and Assignment #4
1 page is Web Discussion with this requirements.
2 page assignment #4 more later send info.
1 page Web Discussion Post
Take Christian Smith's subcultural identity theory and discuss it in terms of some example from your own life. Think of the sub-cultures in your own life that you belong to. It can be anything -- any kind of group or collective identity. Examples include fans of a particular sub-genre of music or fiction or art or sports team, participation in a sorority or fraternity, a religious group, a political group, etc. It doesn’t have to be a group that you belong to explicitly, just other people that you might identify with in some way or another.
Once you have a group in mind, talk about the symbolic things about this group that create a sense of collective identity. Smith talks about evangelical Christianity as creating strong symbolic boundaries through the unique beliefs and practices of their religion. But you could also think of this as much more simple practices. For example, if I wanted to write about being a University of Arizona football fan, I could talk about the practice of wearing clothing that identifies me as part of that group. Or I could talk about going to pep rallys or tailgating events where I can interact socially with other members of that group.
The key to applying the subcultural identity theory to understand culture, is to identify the ways in which different sub-cultures create symbolic boundaries that enable collective identity.
.
Web Application SeurityAs the Information Systems Security Offic.docxsheronlewthwaite
Web Application Seurity
As the Information Systems Security Officer for your large health care company, you have been assigned the task of implementing Web security. Determine how you would implement security to eliminate single points of failure.
Describe the implementation of Secure Sockets Layer (SSL) in support of Hypertext Transfer Protocol Secure (HTTPS). Assess how you are assured that your browser is secure. Determine if the user data truly is protected or this is a false sense of security. Give an example of SSL being compromised.
.
We use computers and electronic systems to run and store just about .docxsheronlewthwaite
We use computers and electronic systems to run and store just about everything. Personal computers and the Internet are now included as part of the Department of Homeland Security's cybersecurity issues.
Cybersecurity involves protecting the information by preventing, detecting, and responding to attacks on information that is housed in technology.
There are many levels of risks in cybersecurity, some more serious and damaging than others. Among these dangers are:
Viruses erasing the entire system.
Individuals breaking into personal computer systems and altering the systems' files.
Individuals using personal computers to attack others' computer systems.
Individuals stealing credit card information and making unauthorized purchases.
Unfortunately, there is no 100% guarantee that even with the best precautions some of these things won't happen. Risk reduction steps exist to minimize vulnerability to information.
Tasks:
Create a PowerPoint Presentation containing 6–8 slides to address the following:
Analyze and discuss the vulnerabilities and recommend what security management can do to minimize the potential of a government or private organization being at risk for cybersecurity damage.
Outline the steps you recommend and identify any impediments to successfully implementing the suggested cybersecurity program.
Support your presentation with at least three outside scholarly resources using APA in-text citations. Add detailed speaker notes for each of the slides.
.
we need to understand all six project feasibility factors. Its true.docxsheronlewthwaite
we need to understand all six project feasibility factors. It's true we need to consider all of them when beginning to plan for a system change. Why is the process of assessing project feasibility so important? What are the various methods for assessing project feasibility? When would one of them take precedence over the others
.
we have to write an essay 2 pages about Gustave Whitehead and the Wr.docxsheronlewthwaite
we have to write an essay 2 pages about Gustave Whitehead and the Wright brothers and we have to write an opinion on who do we think flew the first plane.
Did he fly before the wright brothers? You have to write both sides of the debate and then decide who is telling the truth . two pages due Thursday
Sorry I just realize I forgot to write the guys name . Gustave whitehead
Did Gustave whitehead flew before the right brothers.
.
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxEduSkills OECD
Iván Bornacelly, Policy Analyst at the OECD Centre for Skills, OECD, presents at the webinar 'Tackling job market gaps with a skills-first approach' on 12 June 2024
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumMJDuyan
(𝐓𝐋𝐄 𝟏𝟎𝟎) (𝐋𝐞𝐬𝐬𝐨𝐧 𝟏)-𝐏𝐫𝐞𝐥𝐢𝐦𝐬
𝐃𝐢𝐬𝐜𝐮𝐬𝐬 𝐭𝐡𝐞 𝐄𝐏𝐏 𝐂𝐮𝐫𝐫𝐢𝐜𝐮𝐥𝐮𝐦 𝐢𝐧 𝐭𝐡𝐞 𝐏𝐡𝐢𝐥𝐢𝐩𝐩𝐢𝐧𝐞𝐬:
- Understand the goals and objectives of the Edukasyong Pantahanan at Pangkabuhayan (EPP) curriculum, recognizing its importance in fostering practical life skills and values among students. Students will also be able to identify the key components and subjects covered, such as agriculture, home economics, industrial arts, and information and communication technology.
𝐄𝐱𝐩𝐥𝐚𝐢𝐧 𝐭𝐡𝐞 𝐍𝐚𝐭𝐮𝐫𝐞 𝐚𝐧𝐝 𝐒𝐜𝐨𝐩𝐞 𝐨𝐟 𝐚𝐧 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫:
-Define entrepreneurship, distinguishing it from general business activities by emphasizing its focus on innovation, risk-taking, and value creation. Students will describe the characteristics and traits of successful entrepreneurs, including their roles and responsibilities, and discuss the broader economic and social impacts of entrepreneurial activities on both local and global scales.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
Communicating effectively and consistently with students can help them feel at ease during their learning experience and provide the instructor with a communication trail to track the course's progress. This workshop will take you through constructing an engaging course container to facilitate effective communication.
1. IFRS® Conceptual Framework
Project Summary
March 2018
Conceptual Framework for Financial Reporting
2 | Project Summary | Conceptual Framework | March 2018
Conceptual Framework at a glance
Introduction
The International Accounting Standards Board (Board) issued
the revised
Conceptual Framework for Financial Reporting (Conceptual
Framework), a
comprehensive set of concepts for financial reporting, in March
2018.
It sets out:
• the objective of financial reporting
• the qualitative characteristics of useful financial information
• a description of the reporting entity and its boundary
• definitions of an asset, a liability, equity, income and
expenses
2. • criteria for including assets and liabilities in financial
statements
(recognition) and guidance on when to remove them
(derecognition)
• measurement bases and guidance on when to use them
• concepts and guidance on presentation and disclosure
This Project Summary summarises:
• why the Board revised the Conceptual Framework
• the main changes from the previous Conceptual Framework
• the main concepts and guidance in each chapter of the
Conceptual Framework
Purpose
• to assist the Board to develop IFRS Standards (Standards)
based on
consistent concepts, resulting in financial information that is
useful to
investors, lenders and other creditors
• to assist preparers of financial reports to develop consistent
accounting
policies for transactions or other events when no Standard
applies or a
Standard allows a choice of accounting policies
• to assist all parties to understand and interpret Standards
Status
• provides concepts and guidance that underpin the decisions the
3. Board
makes when developing Standards
• not a Standard
• does not override any Standard or any requirement in a
Standard
Effective date
• immediately for the Board and the IFRS Interpretations
Committee
• annual periods beginning on or after 1 January 2020 for
preparers who
develop an accounting policy based on the Conceptual
Framework
Project Summary | Conceptual Framework | March 2018 | 3
Why have we revised the Conceptual Framework?
Priority
identified as a priority by stakeholders in the 2011 Agenda
Consultation
Filling gaps
for example, guidance on measurement, presentation and
disclosure
Updating
for example, the definitions of an asset and a liability
Clarifying
4. for example, the role of measurement uncertainty
Previous
Conceptual Framework
Revised
Conceptual Framework
• issued in 1989 and partly revised in 2010
• useful, but incomplete and needed improvement
• a comprehensive set of concepts for financial reporting
Approach
In revising the Conceptual Framework, the Board
sought a balance between providing high-level
concepts and providing enough detail for the
Conceptual Framework to be useful to the Board
and others.
The Board views the Conceptual Framework as a
practical tool to help it develop Standards.
Hence, the Conceptual Framework includes concepts
that help the Board develop Standards and also
discusses the factors the Board needs to consider
in making judgements when application of the
concepts does not lead to a single answer.
4 | Project Summary | Conceptual Framework | March 2018
Main changes
New
5. Measurement concepts on measurement, including factors to be
considered when selecting a measurement basis
Presentation and disclosure concepts on presentation and
disclosure, including when to classify income and expenses in
other comprehensive income
Derecognition guidance on when assets and liabilities are
removed from financial statements
Updated
Definitions definitions of an asset and a liability
Recognition criteria for including assets and liabilities in
financial statements
Clarified
Prudence Stewardship Measurement uncertainty Substance over
form
The revised Conceptual Framework introduces the following
main improvements:
Project Summary | Conceptual Framework | March 2018 | 5
Chapter 1—The objective of financial reporting
This chapter sets out the objective of general purpose financial
reporting (financial reporting), what information is needed to
achieve that
objective and who the primary users (users) of financial reports
are.
Objective of financial reporting
To provide financial information that is useful to users in
6. making decisions
relating to providing resources to the entity
Stewardship
Users of financial reports need information to
help them assess management’s stewardship. The
Conceptual Framework explicitly discusses this need
as well as the need for information that helps users
assess the prospects for future net cash inflows to the
entity.
Users’ decisions involve decisions about
buying, selling or holding
equity or debt instruments
providing or settling loans
and other forms of credit
voting, or
otherwise influencing
management’s actions
To make these decisions, users assess
prospects for future
net cash inflows to the entity
management’s stewardship of the
entity’s economic resources
To make both these assessments, users need information about
both
7. the entity’s economic resources, claims against the entity and
changes in those resources and claims
how efficiently and effectively management has discharged its
responsibilities to use the entity’s economic resources
Summary of changes
This chapter was issued in 2010 and went
through extensive due process at that time.
Therefore, in revising the Conceptual Framework,
the Board did not fundamentally reconsider this
chapter. However, it clarified why information
used in assessing stewardship is needed to
achieve the objective of financial reporting.
Users of financial reports
Users of financial reports are an entity’s existing
and potential investors, lenders and other
creditors. Those users must rely on financial
reports for much of the financial information
they need.
6 | Project Summary | Conceptual Framework | March 2018
Chapter 2—Qualitative characteristics of useful
financial information
This chapter discusses what makes financial information useful.
Prudence
Neutrality is supported by the exercise of prudence.
Prudence is the exercise of caution when making
8. judgements under conditions of uncertainty. Prudence
does not allow for overstatement or understatement of
assets, liabilities, income or expenses.
Measurement uncertainty
Measurement uncertainty does not prevent
information from being useful. However, in some cases
the most relevant information may have such a high
level of measurement uncertainty that the most useful
information is information that is slightly less relevant
but is subject to lower measurement uncertainty.
Fundamental qualitative characteristics
Relevance
• information is relevant if it is capable of making a
difference to the decisions made by users
• financial information is capable of making a
difference in decisions if it has predictive value or
confirmatory value
Faithful representation
• information must faithfully represent the
substance of what it purports to represent
• a faithful representation is, to the maximum extent
possible, complete, neutral and free from error
• a faithful representation is affected by level of
measurement uncertainty
Enhancing qualitative characteristics
9. Comparability Verifiability Timeliness Understandability
• these four qualitative characteristics enhance the usefulness of
information
• but they cannot make non-useful information useful
Cost constraint
• the benefit of providing the information needs to justify the
cost of providing and using the information
Summary of changes
This chapter was issued in 2010 and went through
extensive due process at that time. Therefore,
in revising the Conceptual Framework the Board
did not fundamentally reconsider this chapter.
However, the Board clarified the roles of prudence,
measurement uncertainty and substance over form
in assessing whether information is useful.
For information to be useful it must both be relevant and
provide a faithful representation of what it purports to
represent. Relevance and faithful representation
are the fundamental qualitative characteristics of useful
financial information, and the guiding concepts that apply
throughout the revised Conceptual Framework.
Project Summary | Conceptual Framework | March 2018 | 7
Boundary of a reporting entity
10. Determining the appropriate boundary of a reporting
entity can be difficult if, for example, the entity is
not a legal entity. In such cases, the boundary is
determined by considering the information needs
of the users of the entity’s financial statements.
Those users need information that is relevant
and that faithfully represents what it purports to
represent. A reporting entity does not comprise
an arbitrary or incomplete collection of assets,
liabilities, equity, income and expenses.
Financial statements
a particular form of financial reports that provide information
about the reporting
entity’s assets, liabilities, equity, income and expenses
Reporting entity
• an entity that is required, or chooses, to prepare financial
statements
• not necessarily a legal entity—could be a portion of an entity
or comprise more
than one entity
Consolidated
financial statements
Unconsolidated
financial statements
Combined
financial statements
provide information about assets,
liabilities, equity, income and
11. expenses of both the parent
and its subsidiaries as a single
reporting entity
provide information about assets,
liabilities, equity, income and
expenses of the parent only
provide information about assets,
liabilities, equity, income and
expenses of two or more entities
that are not all linked by a
parent-subsidiary relationship
Summary of changes
This chapter is new.
Chapter 3—Financial statements and
the reporting entity
This chapter describes the objective and scope of financial
statements and provides a description of the reporting entity.
8 | Project Summary | Conceptual Framework | March 2018
Chapter 4—The elements of financial statements
continued ...
This chapter defines the five elements of financial statements—
an asset, a liability, equity, income and expenses.
Previous definition of an asset
12. A resource controlled by the entity as a result
of past events and from which future economic
benefits are expected to flow to the entity
Revised definition of an asset
A present economic resource controlled by the
entity as a result of past events
An economic resource is a right that has the
potential to produce economic benefits
Previous definition of a liability
A present obligation of the entity arising from
past events, the settlement of which is expected
to result in an outflow from the entity of
resources embodying economic benefits
Revised definition of a liability
A present obligation of the entity to transfer an
economic resource as a result of past events
An obligation is a duty or responsibility that
the entity has no practical ability to avoid
Main changes
in the definition
of an asset
• separate definition of an economic resource—to clarify that an
asset is the
economic resource, not the ultimate inflow of economic benefits
13. • deletion of ‘expected flow’—it does not need to be certain, or
even likely, that
economic benefits will arise
• a low probability of economic benefits might affect
recognition decisions and
the measurement of the asset
Main changes
in the definition
of a liability
• separate definition of an economic resource—to clarify that a
liability is the
obligation to transfer the economic resource, not the ultimate
outflow of
economic benefits
• deletion of ‘expected flow’—with the same implications as set
out above for an asset
• introduction of the ‘no practical ability to avoid’ criterion to
the definition
of obligation
No practical ability to avoid
The revised Conceptual Framework discusses how the
‘no practical ability to avoid’ criterion is applied in
the following circumstances:
(a) if a duty or responsibility arises from the entity’s
customary practices, published policies or specific
statements—the entity has an obligation if it has
no practical ability to act in a manner inconsistent
14. with those practices, policies or statements.
(b) if a duty or responsibility is conditional on a
particular future action that the entity itself may
take—the entity has an obligation if it has no
practical ability to avoid taking that action.
Summary of changes
The definitions of an asset and a liability have been
refined and the definitions of income and expenses
have been updated only to reflect that refinement.
The definition of equity as the residual interest
in the assets of the entity after deducting
all its liabilities is unchanged. The Board’s
research project on Financial Instruments
with Characteristics of Equity is exploring the
distinction between liabilities and equity.
Project Summary | Conceptual Framework | March 2018 | 9
... continued
Executory contract
An executory contract is a contract that is equally
unperformed. It establishes a single asset or liability
for the inseparable combined right and obligation to
exchange economic resources.
Substance of contracts
To represent contractual rights and obligations
15. faithfully, financial statements must report their
substance. In some cases, the substance of such rights
and obligations is clear from a contract’s legal form.
But, in other cases, the terms of the contract, or of a
group or series of contracts, may require analysis to
identify the substance of the rights and obligations.
Revised definition of expenses
Decreases in assets, or increases in liabilities,
that result in decreases in equity, other than
those relating to distributions to holders of
equity claims
Revised definition of income
Increases in assets, or decreases in liabilities,
that result in increases in equity, other than
those relating to contributions from holders of
equity claims
Although income and expenses are defined
in terms of changes in assets and liabilities,
information about income and expenses
is just as important as information about
assets and liabilities.
Unit of account
the right(s) or obligation(s), or group of rights and obligations,
to which
recognition criteria and measurement concepts are applied
Selecting the unit of account
Relevance
16. • a unit of account is selected to provide relevant
information about the asset or liability and any
related income and expenses
Faithful representation
• a unit of account is selected to provide a faithful
represention of the substance of the transaction
or other event from which the asset, liability and
any related income or expenses have arisen
10 | Project Summary | Conceptual Framework | March 2018
Chapter 5—Recognition and derecognition
Recognition
The process of capturing for inclusion in the statement of
financial position or
the statement(s) of financial performance an item that meets the
definition of an
asset, a liability, equity, income or expenses
This chapter discusses criteria for including assets and
liabilities in financial statements (recognition) and guidance on
when to remove them (derecognition).
Why recognition is important
Recognising assets, liabilities, equity, income and
expenses depicts an entity’s financial position and
financial performance in structured summaries
(the statements of financial position and financial
performance). The amounts recognised in a statement
are included in the totals and, if applicable, subtotals,
17. in the statement. The statements are linked because
income and expenses are linked to changes in assets
and liabilities.
Summary of changes
The previous recognition criteria were that an
entity should recognise an item that met the
definition of an element if it was probable that
economic benefits would flow to the entity and
if the item had a cost or value that could be
determined reliably.
The revised recognition criteria refer explicitly
to the qualitative characteristics of useful
information.
The Board’s aim was to develop a more coherent set
of concepts, not to increase or decrease the range of
assets and liabilities recognised.
Cost constraint
Cost constrains recognition decisions, just as it constrains other
financial reporting decisions
Recognition criteria
Relevance
• whether recognition of an item results in relevant
information may be affected by, for example:
Faithful representation
• whether recognition of an item results in a
18. faithful representation may be affected by, for
example:
measurement uncertainty
presentation and disclosure
recognition inconsistency
(accounting mismatch)existence uncertainty
low probability of a flow of
economic benefits
Recognition is appropriate if it results in both relevant
information about assets, liabilities, equity, income
and expenses and a faithful representation of those items,
because the aim is to provide information that
is useful to investors, lenders and other creditors
continued ...
Project Summary | Conceptual Framework | March 2018 | 11
Derecognition
The removal of all or part of a recognised asset or liability from
an entity’s
statement of financial position
Derecognition resulting from a transfer
Normally, a faithful representation of a transfer
of an asset or liability is achieved by derecognition of
the asset or liability with appropriate presentation
and disclosure.
19. However, in limited cases, it may be necessary to
continue to recognise a transferred component of
an asset or liability together with a liability or asset
for the proceeds received or paid, with appropriate
presentation and disclosure.
Summary of changes
The guidance on derecognition is new.
Derecognition normally occurs
For an asset
when the entity loses control of all or part of the
recognised asset
For a liability
when the entity no longer has a present obligation
for all or part of the recognised liability
Derecognition aims to faithfully represent both
• any assets and liabilities retained after the transaction that led
to the derecognition
• the change in the entity’s assets and liabilities as a result of
that transaction
... continued
12 | Project Summary | Conceptual Framework | March 2018
20. Chapter 6—Measurement
This chapter describes various measurement bases and discusses
factors to be considered when selecting a measurement basis.
Summary of changes
The previous version of the Conceptual Framework
included little guidance on measurement.
The revised Conceptual Framework describes what
information measurement bases provide and
explains the factors to consider when selecting
a measurement basis.
Current value measurement bases
• current value provides information updated to reflect
conditions at the measurement date
• current value measurement bases include:
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
• reflects market participants’ current expectations about
the amount, timing and uncertainty of future cash flows
value in use (for assets)
fulfilment value (for liabilities)
• reflects entity-specific current expectations about the
amount, timing and uncertainty of future cash flows
21. current cost
• reflects the current amount that would be:
� paid to acquire an equivalent asset
� received to take on an equivalent liability
Historical cost measurement bases
• historical cost provides information derived, at least in part,
from the price of the transaction or other
event that gave rise to the item being measured
• historical cost of assets is reduced if they become impaired
and historical cost of liabilities is increased if
they become onerous
• one way to apply a historical cost measurement basis to
financial assets and financial liabilities is to
measure them at amortised cost
continued ...
Project Summary | Conceptual Framework | March 2018 | 13
Cost constraint
Cost constrains the selection of a measurement basis, just as it
constrains other financial reporting decisions
The factors to be considered when selecting a measurement
basis are relevance and faithful representation, because the aim
is to provide information that is
useful to investors, lenders and other creditors
22. Selecting a measurement basis
In selecting a measurement basis, it is necessary to
consider the nature of the information in both the
statement of financial position and the statement(s)
of financial performance.
The relative importance of each factor to be
considered (see boxes) depends upon the facts and
circumstances of individual cases.
Consideration of the factors and the cost constraint
is likely to result in the selection of different
measurement bases for different assets, liabilities,
income and expenses.
... continued
Factors to consider in selecting a measurement basis
Relevance
Relevance of information provided by a measurement basis is
affected by:
characteristics of the asset or liability
• the variability of cash flows
• sensitivity of the value to market factors or
other risks
• for example, amortised cost cannot provide
relevant information about a deriviative
23. contribution to future cash flows
• whether cash flows are produced directly or indirectly in
combination with other economic resources
• the nature of the entity’s business activities
• for example, if assets are used in combination to produce
goods or services, historical cost can provide relevant
information about margins achieved in a period
Faithful representation
Whether a measurement basis can provide a faithful
representation is affected by:
measurement inconsistency
• if financial statements contain measurement
inconsistencies (accounting mismatch),
those financial statements may not faithfully
represent some aspects of the entity’s financial
position and financial performance
measurement uncertainty
• does not necessarily prevent the use of a
measurement basis that provides relevant
information
• but if too high might make it necessary to consider
selecting a different measurement basis
14 | Project Summary | Conceptual Framework | March 2018
24. Chapter 7—Presentation and disclosure
This chapter includes concepts on presentation and disclosure
and guidance on including income and expenses in the statement
of profit or loss
and other comprehensive income.
Better Communication
Information about assets, liabilities, equity, income
and expenses is communicated through presentation
and disclosure in the financial statements.
Effective communication of information in financial
statements makes that information more relevant and
contributes to a faithful representation of an entity’s
assets, liabilities, equity, income and expenses.
The revised Conceptual Framework includes
concepts that describe how information should
be presented and disclosed in financial statements.
The Board is also working on several projects on the
theme of Better Communication to make financial
information more useful to investors, lenders and
other creditors and to improve the communication of
that information.
Summary of changes
This chapter is new.
Other comprehensive income
• In exceptional circumstances, the Board may decide to exclude
25. from the statement of profit or loss
income or expenses arising from a change in current value of an
asset or liability and include those
income and expenses in other comprehensive income
• The Board may make such a decision when doing so would
result in the statement of profit or loss
providing more relevant information or a more faithful
representation
The statement of profit or loss
• The statement of profit or loss is the primary source of
information about an entity’s financial
performance for the reporting period
• Profit or loss could be a section of a single statement of
financial performance or a separate statement
• The statement(s) of financial performance include(s) a total
(subtotal) for profit or loss
• In principle, all income and expenses are classified and
included in the statement of profit or loss
Recycling
• In principle, income and expenses included in other
comprehensive income in one period are recycled to
the statement of profit or loss in a future period when doing so
results in the statement of profit or loss
providing more relevant information or a more faithful
representation
• When recycling does not result in the statement of profit or
loss providing more relevant information
26. or a more faithful representation, the Board may decide income
and expenses included in other
comprehensive income are not to be subsequently recycled
Project Summary | Conceptual Framework | March 2018 | 15
Exemptions
• IFRS 3 Business Combinations
To avoid unintended consequences, acquirers are
required to apply the definitions of an asset and a
liability and supporting concepts in the previous,
rather than the revised, Conceptual Framework. The
Board plans to assess how IFRS 3 can be updated
without unintended consequences.
• Regulatory account balances
When developing accounting policies for regulatory
account balances applying IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors, entities are
required to refer to the previous, rather than the
revised, Conceptual Framework. This avoids entities
revising those accounting policies twice within
a short period: once for the revised Conceptual
Framework and again when a revised Standard on
rate-regulated activities is issued.
Objective of the
amendments
• Some Standards include explicit references to previous
versions of the
27. Conceptual Framework
• These amendments update those references so they refer to the
revised
Conceptual Framework
Effects
• The Board expects the amendments to references to the
Conceptual Framework
in Standards will not have a significant effect on users and
preparers of
financial statements
Effective date and
transition
• The amendments are effective for annual periods beginning on
or after
1 January 2020, with earlier application permitted
• The amendments should be applied retrospectively unless
retrospective
application would be impracticable or involve undue cost or
effort
Amendments to References to the Conceptual Framework in
IFRS Standards—a separate accompanying document
That document sets out amendments to Standards to update
references to the Conceptual Framework.
16 | Project Summary | Conceptual Framework | March 2018
Important information
28. This Project Summary has been compiled by the staff of the
IFRS Foundation for the convenience of interested parties. The
views
within this document are those of the staff who prepared this
document and do not necessarily reflect the views or the
opinions
of the Board. The content of this Project Summary does not
constitute any advice and is not to be considered as an
authoritative
document issued by the Board.
Official pronouncements of the Board are available in electronic
format to eIFRS subscribers. Publications are available for
ordering
from the IFRS Foundation website at www.ifrs.org.
Other relevant documents
Conceptual Framework for Financial Reporting—describes the
objective of, and the concepts for, general purpose financial
reporting.
Basis for Conclusions on the Conceptual Framework for
Financial Reporting—summarises the Board’s considerations in
developing the
Conceptual Framework.
Amendments to References to the Conceptual Framework in
IFRS Standards—sets out amendments to Standards, their
accompanying
documents and IFRS practice statements.
Feedback Statement—summarises the feedback on the proposals
that led to the revised Conceptual Framework.
29. Project Summary | Conceptual Framework | March 2018 | 17
Notes
18 | Project Summary | Conceptual Framework | March 2018
Notes
Project Summary | Conceptual Framework | March 2018 | 19
Notes
Printed on 100 per cent recycled paper
100%
Contact the IFRS Foundation for details of countries where its
trade marks are in use or have been registered.
International Financial Reporting Standards®
IFRS Foundation®
IFRS®
IAS®
IFRIC®
31. The IFRS Foundation is a not-for-profit corporation under the
General Corporation Law of the
State of Delaware, USA and operates in England and Wales as
an overseas company
(Company number: FC023235) with its principal office in
London.
2.4 EUR/USD: Jeremy Seetoh Heung Weng, s3834522
The Euro (EUR) is the second most used currency globally with
an estimated amount of 341 million users daily. A total of 37
countries uses EUR. The European Central Bank (ECB) is the
only central bank managing the EUR.
2.4.1 Past and Present Currency Analysis
Over the past one year, the EUR has a depreciating trend
against the USD. From 20 February onwards, the EUR started to
appreciate against USD. The spot rate from 11 March 2019 to
10 March 2020 increased from 1.1247 to 1.1347, a total of 1000
pips. The highest recorded value of EUR against USD is 1.1447
on 9 March 2020, while the lowest recorded value is 1.07847 on
20 February 2020.
Figure 1: EUR/USD Spot Rate 11 March 2019 – 10 March 2020
(Eikon, 2020)
Brexit
Brexit was an international event for the European Union (EU),
where United Kingdom (UK) left the EU. The entire event
lasted from 23 June 2016 to 31 January 2020. Figure 2 shows
EUR against USD throughout the period of Brexit.
Figure 2: EUR/USD Spot Rate 25 February 2015 to 24 February
2020 (XE, 2020)
The EUR showed signs of depreciation against the USD when
majority of the public voted UK to withdraw from the EU.
32. However, the value of EUR appreciated when then Prime
Minister of UK, Theresa May, announced that UK will still be
part of the EU for two years. When UK agreed with the EU on
the ‘divorced bill’ on 8 December 2017, the EUR can be seen
having a depreciation trend against the USD. Moreover, the
EUR continued to depreciate when UK officially left the EU on
31 January 2020 (Power, 2019). Brexit is one factor causing
economic instability resulting in a decreasing economic growth
of the EU as shown in Figure 3.
Figure 3: Economic Growth of the EU (Europa, 2020)
With a decrease in economic growth, a dealer will prefer to opt
for a short position, which will result in an increase in supply of
the EUR. This causes the exchange rate to decrease explained in
Figure 4.
Figure 4: S-D Model on Brexit effect on EUR
EU-US Trade Relations
In 2018, the EU is the largest exporter and second largest
importer of US. From 2008 to 2018, the EU is seen having an
increasing trend in trade surplus with US as shown in Figure 5.
This means that the EU is exporting more products to US
compared to their import.
Figure 5: EU-US Trade 2008-2018 (Europa, 2019)
There has been a trade tension between US and EU in recent
years. This has been largely influenced by President of USA,
Donald Trump, threatening to impose tariffs on multiple
products from EU. One example is imposing 25% tariff on
vehicles (Pramuk, 2020). However, negotiations between the
33. two countries are still on-going to work out on a deal which will
improve trading relationships. This will affect exports of the EU
as vehicles are the second highest exports of EU to US in 2018
(Workman, 2019). With tariffs in place, manufacturers and
companies will increase the price of the products. This means
consumers will have to pay a higher price for the imported
products, causing exports of EU to fall. With higher imports,
there will be an increase in supply. This leads to the exchange
rate to decrease, explained in Figure 6.
Figure 6: S-D Model on EU-US Trade affecting EUR
Monetary Policies
The interest rate of EU is determined by the ECB while the
Federal Reserve Board determines the interest rate of US. Due
to the Coronavirus affecting global economies, numerous
Central Banks have lowered their interest rate. Statistics on 4
March 2020 showed the interest rate of US has decreased from
1.75% to 1.25%. The ECB maintained at 0% but deposit rates
were reduced to -0.5% (Lee, 2020).
With the ECB having a negative deposit rate, it discourages
deposit made to the ECB. This results in the ECB having lesser
EUR. A decrease in supply leads to EUR appreciating against
USD as shown in Figure 7.
Figure 7: S-D Model on Monetary Policies affecting EUR
2.4.2 Future Market Conditions for EUR/USD
In my opinion, the spot rate of EUR/USD will fluctuate in the
next 6 months. With measures from the ECB, the early stages of
the next 6 months will see the EUR generally appreciating
against USD. However, the poor economic growth will see the
EUR start depreciating against USD, but the spot rate will not
hit a record low. This is because the exports of EU can still
34. contribute to the economic growth and trade relationships
between EU and US can be further improved on.
References
EUR/USD (Point form)
Euro is the second most used currency worldwide with an
estimated amount of 341 million users daily.
(https://europa.eu/european-union/about-eu/euro/which-
countries-use-euro_en).
There is only one central bank managing the euro, the European
Central Bank. (https://www.thebalance.com/what-is-the-euro-
3305928).
The graph shows the exchange rate of EUR/USD.
(https://www.xe.com/currencycharts/?from=EUR&to=USD&vie
w=1Y)
37 countries uses Euro (https://www.thebalance.com/what-is-
the-euro-3305928#countries-that-use-the-euro)
Factor 1: Brexit
The graph shows the exchange rate of EUR/USD throughout the
whole period of Brexit.
(https://www.xe.com/currencycharts/?from=EUR&to=USD&vie
w=5Y). Reference for explanation
(https://www.theweek.co.uk/100284/brexit-timeline-key-dates-
in-the-uk-s-break-up-with-the-eu). As shown in the graph, the
Euro depreciated when the UK voted to leave the EU in the
third quarter of 2016. The value of the Euro appreciated when
then Prime Minister of the UK, Theresa May, announced that
the UK will still be part of the EU for the next two years in the
first quarter of 2017. On 8 December 2017, the UK agreed a
deal on the UK ‘divorced bill’ with the EU. This has caused the
35. Euro to depreciate against USD since 2018. On 31 January
2020, the UK left the EU officially, resulting in a significant
depreciation of the Euro where the value decreased from $1.11
on 1 February 2020 to $1.08 on 20 February 2020. The effect of
Brexit has led to a decrease in economic growth of the EU,
which could result in a recession for the EU in the near future.
(https://www.nytimes.com/2020/01/31/business/economy/europe
an-union-eurozone-economy.html). Brexit reference
(https://www.bbc.com/news/uk-politics-32810887).
Brexit can cause political instability
(https://www.reuters.com/article/us-britain-eu-ecb/brexit-could-
lead-to-political-instability-in-eu-ecbs-makuch-
idUSKCN0Z60G1) Economic growth table
(https://ec.europa.eu/eurostat/documents/2995521/10159272/2-
31012020-BP-EN.pdf/435a608a-c9f9-9043-52a1-43ee8cb03d8f)
Factor 2: Trade
US-EU trade stats
https://ustr.gov/countries-regions/europe-middle-
east/europe/european-union
US-EU trade tension
https://www.cnbc.com/2018/08/21/trump-us-to-put-a-25percent-
tariff-on-every-car-from-european-union.html
https://www.cnbc.com/2019/12/13/ustr-weighing-100percent-
tariffs-on-new-eu-products-including-whiskies.html
https://www.cnbc.com/2019/10/03/us-eu-trade-fight-could-drag-
on-after-victory-at-wto-clete-willems.html (favour US on tariff)
https://www.politico.com/news/2020/01/16/eu-trade-chief-
urges-reset-in-us-relationship-amid-tensions-099745
(negotiations)
https://www.ft.com/content/ae259de2-57db-11ea-a528-
dd0f971febbc (negotiation)
https://lot.dhl.com/timeline-how-the-u-s-eu-trade-dispute-took-
shape/ (timeline)
https://www.cnbc.com/2020/01/21/trump-says-he-is-serious-
about-tariffs-on-european-cars.html (threat)
36. https://ec.europa.eu/eurostat/web/products-eurostat-news/-
/DDN-20190520-1 (stats)
Factor 3: Interest Rate
https://www.investopedia.com/ask/answers/who-determines-
interest-rates/
https://europa.eu/european-union/about-eu/institutions-
bodies/european-central-bank_en
https://www.cnbc.com/2020/03/04/coronavirus-federal-reserve-
other-central-banks-cut-interest-rates.html
https://www.washingtonpost.com/business/2020/03/03/economy
-coronavirus-rate-cuts/
Introduction
Over the past year The EUR/USD currency exchange rate has
been experiencing a downward trend in favor of USD being
stronger compared with EUR. As of the first quarter of 2018
there was a sudden drop in the exchange rate between EUR/USD
and henceforth till today there has been showing a gradual
decreasing trend in the chart which can be shown in Fig.1. The
major factors affecting these fluctuation in exchange rate will
be inflation between the countries, their interest rates, and level
of national debt. By comparing the factors between these 2
countries we will be able to forecast what the exchange rate be
over the next 6 months
Figure 1 EUR/USD Exchange rates, (Eikon 2019)
37. 1. Inflation rate
By comparing the inflation rate between the Eurozone and US
we can show that the exchange rate follow the rules that with
higher the inflation rate, it will lead to an eventual decline in
exchange rate for that respective currency. For the span of 1
year from July 2018 to July 2019 there was there has been a
downward trend on EUR/USD of 1.1742 to 1.1074 which was
decrease of 668 pips which can be shown from Fig 1. This is
highly influenced by the rate of inflation between the 2 zone of
interest which can be then shown in Fig 2. By forecasting the
inflation rate we can then forecast the EUR/USD exchange rate.
Forecast wise, inflation in the United States is expected to raise
by 1.70% by the end of this year quarter and the inflation rate
of for Euro area will be at 1.20% (Trading Economy, 2019).This
statement is also backed up by a news report by New Europe
stating that from a 1.7% inflation rate will lead to the inflation
to become 1.2% by the end of the quarter (New Europe, 2019).
Hence US having a higher inflation rate will result in a weaker
exchange rate this shows that by using just inflation there will
be an increase in the EUR/USD exchange rate.
Figure 2 United States & Euro area Inflation Rate (Trading
economics 2019)
2. Commodities
By having a higher commodity price it will lead to a raise in the
exchange rate of that country due to an increase in export
revenue (Emanuel, Fernando, & Andreas, 2016).
The ongoing trade war between US and China is yet to stop and
China is even introducing 2 new tariff on American exports that
will hit about $75 million worth of agriculture products, cars
38. and automotive products and oil exported from the U.S. These
auto tariff could be as high as 25% but mostly will be around
the range of 5% to 10% (Andrew, 2019). Due to the increase in
the tariff due to my prediction it will lead to a decrease in the
export in US goods out of the country, hence leading to a
decline in USD currency rate.
On Euro area side of the story, there has been a setback due to
the fact that the White House agreed to delay new tariffs on
imported automobiles and parts for six months as of May of
2019 (Bryce B. 2019). Hence before such tariffs are imposed
over the next 6 months I speculate that there will be an increase
in the export before the tariff by US is imposed. As such EUR
will have a rise in their exchange rate. Below the graph will
show an example of the forecast of Euro area and U.S.
Figure 3. United States Exports Forecast (Trading economics
2019)
Figure 4. European area Exports Forecast (Trading economics
2019)
Conclusion
After conducting all these research it is safe to say that by the
end of 6 months which is on March 2020 there will be an
increase in the strength of the US dollar and a decrease in the
strength of the Euro at the rate in which both country inflation
is going.
39. Whereas we are able to capitalize and forecast that from
September to November the Euro currency will appreciate in
value due to its export increase of automobile before the tariff
hits. So in summary my forecast will be to that from September
to November there will be an increase in Euro currency on this
period and eventually by the end of the 180 days period starting
from early September, US will eventually catch up on its
currency value which will then cause the rates of EUR/USD to
be lower.
Reference
Andrew S. 2019, ‘China Unveils New Tariffs as Trade War
Escalates’ viewed on 12 September 2019
<https://www.usnews.com/news/world/articles/2019-08-
23/china-targets-soybeans-automobiles-and-oil-in-latest-
tariffs>Bryce B, 2019, ‘EU Trade Chief Says U.S. Car Tariff
Threat ‘Not Based on Facts’ viewed on 12 September 2019
https://www.bloomberg.com/news/articles/2019-09-04/eu-trade-
chief-says-u-s-car-tariff-threat-not-based-on-facts
Eikon EUR/USD Exhange rate, 2019, Thomson Reuters, viewed
on 11 September 2019,
https://apac1.apps.cp.thomsonreuters.com/web/Explorer/EVzCO
RPxCHARTzEIKONCHART.aspx?s=EUR%3D&st=RIC
Emanuel, Fernando, Andreas 2016 ‘BIS Working Papers No 551
When the Walk is not Random: Commodity Prices and
Exchange Rates’ pp. 2Euro Area Export Rate, 2019, Trading
Economics, viewed on 11 September 2019,
https://tradingeconomics.com/euro-area/exports
Euro Area Inflation Rate, 2019, Trading Economics, viewed on
40. 11 September 2019, https://tradingeconomics.com/euro-
area/inflation-cpiNew Europe, 2019 ‘Euro area annual inflation
rate to lower’ viewed on 12 September 2019,
https://www.neweurope.eu/article/euro-area-annual-inflation-
rate-to-lower/United States Export Rate, 2019, Trading
Economics, viewed on 11 September 2019,
https://tradingeconomics.com/united-states/exports
United States Inflation Rate, 2019, Trading Economics, viewed
on 11 September 2019, https://tradingeconomics.com/united-
states/inflation-cpi
1
With reference to the IASB Conceptual Framework Project
website and associated resources,
as well as the relevant accounting literature, explain why the
IASB decided to revise the
conceptual framework with specific reference to:
a. Measurement, presentation and disclosure;
It was identified by the IASB board that the previous conceptual
framework did not possess a
section for measurement, presentation and for disclosure issues.
41. Further as per the general
accepted guideline on measurement, presentation and disclosure
were too rigid, lengthy and
detailed. Therefore the IASB board decided to arrange a single
measurement basis to be used
in measurement.Therefore two measurement bases were
identified namely historical and
current value measurement (Conceptual framework —
Presentation and disclosure; elements of
financial statements; capital maintenance (IASB only), 2020).
Earlier in order do measurements the
historical cost, revaluation cost, relevant cost, fair value etc
were used. Further when identifying
presentation requirements new definitions for assets and
liabilities were introduced to identify its
economic exposure more than it was previously used (2020).
Further with regard to disclosure
requirements in explanatory notes were widened to make it
useful for the users to understand
the financial statements more and more. (Conceptual Framework
Phase E — Presentation and
disclosure, 2020)
b. Definitions of an asset and liability and recognition criteria;
Previous definition of assets
In the previous definition an asset is viewed as just a resource
controlled by the entity and this
asset has been arised or occured as a result of a past event and
further it was stated that an
asset would bring in future economic benefits or positive
financial outcomes to the entity.
New definition on assets.
Within the new definition on assets which were introduced by
the IASB (international Accounting
Standards Board) board in March 2018, they have recognised an
42. asset as a economic resource
which would be controlled by the entity and further this asset is
existing within the business as a
result of a past event which has taken place. Further, a
definition on economic resources has
also been highlighted as an element which possesses the
potential to produce economic
benefits.
Previous definition on liabilities
Within the previous definition a liability was recognised as a
present obligation or a present loan
of the entity, further this obligation has arisen as a result of a
past event which has occured
within the entity and this obligation would result in future
outflow of economic resources from the
entity.
New definition on liabilities
Within the new definition on liability which were introduced by
the IASB (international
Accounting Standards Board) board in March 2018, they have
recognised a liability as a present
or currently available obligation of the entity to transfer an
economic resource or an economic
benefit to another party. Further this economic liability exists as
a result of a past event.
Subsequently a definition has been identified for an obligation
as a responsibility that cannot be
avoided by the entity.
(Revised Conceptual Framework for Financial Reporting |
Crowe Maldives LLP, 2020)
c. The roles of stewardship and prudence in financial reporting
43. Stewardship could be viewed as an element which could be used
as a useful tool when making
decisions and professional judgements to identify tolerable
levels of uncertainty measurement
when denoting faithful representation when preparing financial
statements.
The newly introduced Conceptual Framework highlights
specifically the importance of providing
accurate information to the management’s to identify their
stewardship in preparing and
presenting financial statements and specifically states that
faithful representation maintained
when recording a transaction reports its economic substance and
its legal substance.
Prudence identified that when measuring financial statement
elements namely the assets,
liabilities, income, expenses and capital components that those
needs to be reflected at their
actual values to abide by all the qualitative characteristics of
financial statements. In other words
these elements cannot be overstated or understated. The full
effort needs to be exerted to
identify the actual value to faithfully represent them in financial
statements.
To align the qualitative characteristics to stewardship and
prudence concepts the qualitative
characteristics are mainly divided into two sections namely
fundamental characteristics and
enhancing characteristics. Fundamental characteristics
comprises relevance and faithful
representation and further the enhancing qualitative
characteristics comprises comparability,
verifiability, timeliness and understandability.
44. (IFRS, 2020)
References.
Iasplus.com. 2020. Conceptual Framework — Presentation And
Disclosure; Elements Of Financial
Statements; Capital Maintenance (IASB Only). [online]
Available at:
<https://www.iasplus.com/en/meeting-notes/iasb/2013/march/cf-
2> [Accessed 9 March 2020].
Grantthornton.global. 2020. [online] Available at:
<https://www.grantthornton.global/globalassets/1.-member-
firms/global/insights/article-pdfs/2018/ifrs-new
s---a-revised-conceptual-framework-for-financial-
reporting.pdf> [Accessed 9 March 2020].
Iasplus.com. 2020. Conceptual Framework Phase E —
Presentation And Disclosure. [online] Available at:
<https://www.iasplus.com/en/projects/completed/framework/fra
mework-e> [Accessed 9 March 2020].
Crowe.com. 2020. Revised Conceptual Framework For Financial
Reporting | Crowe Maldives LLP.
[online] Available at:
<https://www.crowe.com/mv/insights/revised-conceptual-
framework-for-financial-reporting> [Accessed 9
March 2020].
Ifrs.org. 2020. IFRS. [online] Available at:
<https://www.ifrs.org/projects/2018/conceptual-framework/>