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The framework is not a Standard
The main goals of the framework are: Objectives of financial statements
Identification of characteristics to ensure quantitative information in the statements.
Explain the procedure of recognizing and measuring elements of financial statements
Assets
THERE are 3 essentials:
- The resource must contain future economic benefits
- The entity must have control over the future economic benefits
- There must be a past event
Liabilities
Present obligation is one of the 3 essentials; giving up resources;past transaction or event
Income
Expenses
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