We may have the IFRSs, but accountants also have the Conceptual Framework. In the latest PQ magazine Tom Clendon and Sarah Ardiles explain the framework sets out key definitions such as assets and liabilities, it states when these elements are to be recognised and articulates how the financial statements can be made useful!
Read their article in the latest PQ magazine, out now: https://issuu.com/pqpublishing/docs/web_pq_aug22
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