Conceptual Framework of Financial Reporting F02-04b

Name the recognition and measurement criteria for financial statements.

1. Definition. The financial statements elements are defined.
2. Measurability. Assets, liabilities and other elements are measured.
3. Relevance. Information should be timely, predictive, material, confirmative, etc.
4. Faithful Representation. Information should be complete, neutral, and free of material errors and omissions.