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THE ELEMENTS OF FINANCIAL STATEMENTS
Definition based on accounting standard and practical way:
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.
Liability
A present obligation of the entity to transfer an economic resource as a result of past events.
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.
Expense
Decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of
equity claims.
Equity
The residual interest in the assets of the entity after deducting all its liabilities.
RECOGNITION AND DERECOGNITION
Recognition criteria
Only items that meet the definition of an asset, a liability or equity are recognised in the statement of financial position. Similarly, only items that meet the definition of income or expenses are recognised in the statement(s) of financial performance. However, not all items that meet the definition of one of those elements are recognised.
An entity should recognise an asset or a liability (and any related income, expense or changes in equity) if such recognition provides users of financial statements with:
- relevant information about the asset or the liability and about any income, expense or changes in equity
- a faithful representation of the asset or liability and of any income, expenses or changes in equity, and
- information that results in benefits exceeding the cost of providing that information.
Derecognition
Derecognition is the removal of all or part of a recognised asset or liability from an entity’s statement of financial position. Derecognition normally occurs when that item no longer meets the definition of an asset or of a liability:
(a) for an asset, derecognition normally occurs when the entity loses control of all or part of the recognised asset; and
(b) for a liability, derecognition normally occurs when the entity no longer has a present obligation for all or part of the recognised liability.
MEASUREMENT BASES
Historical cost
Historical cost measures provide monetary information about assets, liabilities and related income and expenses, using information derived, at least in part, from the price of the transaction or other event that gave rise to them. Unlike current value, historical cost does not reflect changes in values, except to the extent that those changes relate to impairment of an asset or a liability becoming onerous .
Current value
Current value measures provide monetary information about assets, liabilities and related income and expenses, using information updated to reflect conditions at the measurement date.
Current value measurement bases include:
(a) fair value;
(b) value in use for assets and fulfilment value for liabilities ; and
(c) current cost .