UK GAAP 2019

Chapter 4Concepts and pervasive principles

• 1 INTRODUCTION
• 2 COMPARISON BETWEEN SECTION 2 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
  • 3.13 Fair value
    • 3.13.1 Hierarchy used to estimate fair value of shares
    • 3.13.2 Quoted price in an active market
    • 3.13.3 Price in a binding sale agreement or recent transaction
    • 3.13.4 Other valuation techniques
      • 3.13.4.A Consideration of own credit risk
    • 3.13.5 ...