RSM220H1 Lecture Notes - Lecture 4: Current Liability, Current Asset, Income Statement
Document Summary
Q#1 -> iasb & acsb directly involved in setting up and developing fr standards in canada. Q#2 -> ifric-interpretations states the explanation of ifrs. Q#3 -> nancial information should help users assess the impact of past, present, of future events > relevance. Q#4 -> nancial information should not favour one stakeholder over another > neutrality > faithful representation. Format and classi cation group similar items, separate di erent items. Ar vs notes receivable long term vs short term investment. Pp&e vs intangible asets similar use but di erently to evaluate e. g. r&d. Usefulness and limitations what do you want gain from the fs risk measure / performance ratios. Historical cost vs fair value judgement and estimate the sfp does not report items that cannot be recorded objectively e. g. human capital / formula (for pepsi/cococola) but when you evaluate the performance, they are important.
