[aaykarbhavan] Fw: [AIISAA] My definitions of elements of Financial Statements:
On Wednesday, 21 May 2014 8:57 PM, CA Manish C. Iyer <notification+zj4o2ozfsjsy@facebookmail.com> wrote:
Facebook | My definitions of elements of Financial Statements:
a. Proposed definition of asset: An asset is a presently controlled right having economic value to the entity
b. Proposed definition of liability: A liability is a present obligation to transfer a right having economic value from the entity
c. Proposed definition of present obligation: An obligation is said to be a present obligation when the entity has no practical alternative to settling that obligation
d. Proposed definition of control: An entity is said to presently control a right when it has the present practical ability to direct the use the right in the manner intended as a result of past events
e. Proposed definition of economic value: A right is said to be having an economic value when it has the potential of generating economic benefits |
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Posted by: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
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