Movies
A hotel full of monsters
Hotel Transylvania
A present obligation of an entity to transfer an economic resource as a result of past events
Liability
Five teens fighting crime
Teen Titans Go
Financial information should be of the real-world economic event it claims to represent: complete, free from material error and neutral
Faithful Representation
Australian animal that carries its baby in a pouch
Kangaroo
an evil witch who cursed sleeping beauty
Maleficent
A present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used for more than the next 12 months
Non-current asset
Two brothers building extravagant stuff
Phineas and Ferb
Source Documents
Verifiability
Grey Australian animal that is like a cute small bear.
Koala
A doll with blonde hair who always wears pink
Barbie
the residual interest in the assets of the entity after the deduction of its liabilities.
Owner’s Equity
A lazy cat who loves lasagna
Garfield
financial information should be available to decision makers in time to be capable of influencing their decisions
Timeliness
A bird with long legs that does not fly.
Emu
A green guy who befriends a donkey
Shrek
an increase in assets or reduction in liabilities that leads to an increase in owner’s equity (except for a Capital contribution)
revenue
Three powerful girls are fighting crime
Powerpuff Girls
The need to represent financial data in graphical form
Understandability
Mammal that lives in water with a duck-like bill.
Platypus
His house is a pineapple
SpongeBob Squarepants
a decrease in assets (or increase in liabilities) that reduces owner’s equity (except for Drawings)
expense
A pig and her family
Peppa Pig
Financial information must be capable of making a difference to the decisions made by users by helping them to form predictions and/or confirm or change their previous evaluations
Relevance
An Australian wild dog
Dingo