New UK GAAP 2015: Application of FRS 100-102 in the UK

Chapter 3 Concepts and pervasive principles

1 Introduction

2 Comparison between Section 2, previous UK GAAP and IFRS

3 The concepts and pervasive principles of Section 2

   3.1 Objective of financial statements

   3.2 Qualitative characteristics of information in financial statements

       3.2.1 Understandability

       3.2.2 Relevance

       3.2.3 Materiality

       3.2.4 Reliability

       3.2.5 Substance over form

       3.2.6 Prudence

       3.2.7 Completeness

       3.2.8 Comparability

       3.2.9 Timeliness

       3.2.10 Balance between benefit and cost

   3.3 Financial position

       3.3.1 Assets

       3.3.2 Liabilities

       3.3.3 Equity

   3.4 Performance

       3.4.1 Income

       3.4.2 Expenses

   3.5 Recognition of assets, liabilities, income and expenses

       3.5.1 The probability of future economic benefit

       3.5.2 Reliability of measurement

   3.6 Measurement of assets, liabilities, income and expenses

   3.7 Pervasive recognition and measurement principles

   3.8 Accruals basis

   3.9 Recognition in the financial statements

       3.9.1 Assets

       3.9.2 Liabilities

       3.9.3 Income

       3.9.4 Expenses

       3.9.5 Total comprehensive income and profit or loss

   3.10 Measurement at initial recognition

   3.11 Subsequent measurement

       3.11.1 Financial assets and financial liabilities

       3.11.2 Non-financial assets

       3.11.3 Liabilities other than financial liabilities

   3.12 Offsetting

Chapter 3 Concepts and pervasive principles ...