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To meet this objective, financial statements provide information about an entity's assets and cash flows.
This information, along with other information in the notes, assists users of financial statements in predicting the entity's future cash flows and, in particular, their timing and certainty.
The IASB offered responses to the first two criticisms, but has offered no response to the last criticism while IAS 29 was as of March 2014 being implemented in its original ineffective form in Venezuela and Belarus.
Financial statements are a structured representation of the financial positions and financial performance of an entity.
Hence, profit is the residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. The physical capital maintenance concept requires the adoption of the current cost basis of measurement.
If expenses exceed income the residual amount is a loss. The financial capital maintenance concept, however, does not require the use of a particular basis of measurement. The principal difference between the two concepts of capital maintenance is the treatment of the effects of changes in the prices of assets and liabilities of the entity.
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In that case the acquirer shall recognise a contingent liability even if it is not probable that an outflow of resources embodying economic benefits will be required. Under a financial concept of capital, such as invested money or invested purchasing power, capital is synonymous with the net assets or equity of the entity. The selection of the appropriate concept of capital by an entity should be based on the needs of the users of its financial statements.
They are progressively replacing the many different national accounting standards.
They are the rules to be followed by accountants to maintain books of accounts which are comparable, understandable, reliable and relevant as per the users internal or external.
The IASB has continued to develop standards calling the new standards "International Financial Reporting Standards".
In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable.International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. Under a physical concept of capital, such as operating capability, capital is regarded as the productive capacity of the entity based on, for example, units of output per day. Thus, a financial concept of capital should be adopted if the users of financial statements are primarily concerned with the maintenance of nominal invested capital or the purchasing power of invested capital.