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The question that measurement answers.
What is How much?
This provides monetary information about assets, liabilities, and related income and expenses.
What is Historical Cost?
The cost of an equivalent asset at the measurement date.
What is Current Cost?
Historical Cost to the extent unconsumed or uncollected and recoverable.
What is Historical Cost for Asset?
The 4 bases for measurement of elements are Historical cost, Value in Use/Fulfillment Value, Fair Value, and?
What is Current Cost?
Provide monetary information about assets, liabilities, and related income and expenses, using information updated to reflect conditions at the measurement date
What is Current value measures?
The price that would be paid to transfer the unfulfilled part of the liability.
What is Fair Value for Liability?
Current Cost to the extent unconsumed or uncollected and recoverable.
What is Current Cost for Asset?
The 2 categories of Measurement Bases
What are Historical Cost and Current Value?
The price that would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the measurement date.
What is Fair Value?
The current cost that would be currently received for taking on the unfulfilled part of liability, increased by excess estimated cash outflows over that consideration.
What is Current Cost for liability?
Fair Value reflects the perspective of?
What is market participants?
The type of historical cost of an asset measurement during the actual time of acquisition.
What is Initial Measurement?
The present value of cash flows or other economic benefits, that an entity expects to derive from the use of an asset and from its ultimate disposal.
What is Value in use for assets?
Consideration received for taking on the unfulfilled part of liability, increase by the excess of estimated cash outflows over consideration received.
What is Historical cost for Liability?
Amortize cost or the carrying amount
What is Subsequent Measurement?
The principle that states you should include information about an entity's financial statements that affect a reader's understanding.
What is Full Disclosure Principle?
The present value of cash, or other economic resources, that an entity expects to be obliged to transfer as it fulfills a liability.
What is Fulfillment Value for Liabilities?
Measurements that are used in determining the monetary amounts at which the elements of the financial statements are recognized and carried in the balance and income statement.
What are Historical Cost, Value in Use/Fulfillment Value, Current Cost, and Fair Value?
An equal of the total carrying amounts of all recognized assets less the total carrying amount of all recognized liabilities.
What is Measurement of equity?