15. Elements of Financial Statements — An Introduction | Masoom Alli

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Mastering Financial Reporting (FREP)

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1. The Conceptual Framework for Financial Reporting

1. What is the Conceptual Framework?
2. Why It Matters — Purpose and Status of the Framework
3. Who Uses Financial Reports & Why?
4. The Limitations of General Purpose Reporting
5. Overview of the Conceptual Framework’s Structure
6. Economic Resources & Claims — The Foundation of Financial Position
7. Accrual Accounting vs. Cash Flows
8. Understanding Financial Performance
9. Non-Performance Changes in Economic Resources
10. Stewardship — How Well Is Management Doing?
11. Relevance — Making Financial Information Useful
12. Faithful Representation — Reflecting Reality Accurately
13. Enhancing Qualitative Characteristics — Making Good Info Even Better
14. Cost Constraint — Balancing Benefit and Burden
15. Elements of Financial Statements — An Introduction
16. Recognition — When to Include Items in the Financial Statements
17. Derecognition — When to Remove Items from Financial Statements
18. Measurement Bases — How to Value Items in the Financial Statements
19. Measurement Uncertainty and the Role of Estimates
20. What Is a Reporting Entity?
21. Presentation — How Financial Information is Organized
22. Disclosure — Telling the Full Story
23. Capital & Capital Maintenance — Understanding Profit
24. Review & Key Takeaways from the Conceptual Framework
25. Practical Tips for Applying the Framework as a Student or Future Accountant
26. Mindmaps

13. IFRS 16 Leases

1. Welcome & How to Use This Course
2. The Evolution of Lease Accounting
3. Objective of IFRS 16
4. Scope of IFRS 16
5. Recognition Exemptions: Short-Term Leases
6. Recognition Exemptions: Low-Value Assets
7. Identifying a Lease – Part 1
8. Identifying a Lease – Part 2
9. The Lease Assessment Flowchart
10. Separating Lease & Non-Lease Components
11. The Practical Expedient for Lessees
12. Determining the Lease Term – Part 1
13. Determining the Lease Term – Part 2
14. Lessee Initial Recognition
15. Right-of-Use Asset: Initial Measurement
16. Right of Use Asset - Initial Measurement
17. Lease Liability: Initial Measurement – Part 2
18. Worked Example – Initial Measurement of a Lease
19. Subsequent Measurement of Right-of-Use Asset
20. Subsequent Measurement of Lease Liability
21. Remeasurement of Lease Liability – Part 1
22. Remeasurement of Lease Liability – Part 2
23. Lease Modifications for Lessees – Part 1
24. Lease Modifications for Lessees – Part 2
25. Lessee Presentation & Disclosure – Part 1
26. Lessee Presentation & Disclosure – Part 2
27. Lessor Classification of Leases
28. Finance Leases – Initial Recognition & Measurement
29. Finance Leases – Subsequent Measurement & Income Allocation
30. Operating Leases – Recognition, Measurement & Depreciation
31. Lessor Lease Modifications
32. Lessor Presentation & Disclosure Requirements
33. Sale and Leaseback – Part 1
34. Sale and Leaseback – Part 2
35. Sale and Leaseback – Part 3

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15. Elements of Financial Statements — An Introduction

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