A financial asset is derecognized (removed from an entity's accounts/ financial statements) when the contractual rights to receive the cash...

It stands for framework; a collection of fundamental concepts for general purpose financial reporting that is developed and used by...

The level of standardization of accounting information (e.g., items of financial statements) that makes the financial statements of different entities...

It stands for conceptual framework; a collection of fundamental concepts for general purpose financial reporting that is developed and used...

A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...

A collection of fundamental concepts for general purpose financial reporting that is developed and used by a standards-setter as a...

The process that involves the removal of a financial asset or financial liability or generally any element (that was already...