Chapter 1: Conceptual Framework and Financial Statements
by Maximilian Schillings

1. 4 Financial Statements
1.1. (Comprehensive) Income Statement
1.1.1. Revenues
1.1.2. Expenses
1.1.3. Net Income
1.2. Statement of Changes in Equity
1.3. Balance Sheet
1.3.1. Assets
1.3.1.1. Current Assets
1.3.1.2. Non-Current Assets
1.3.2. Total Shareholders' Equity
1.3.3. Liabilities
1.3.3.1. Current Liabilities
1.3.3.2. Non-Current Liabilities
1.4. Statement of Cash Flows
1.4.1. Operating Activities
1.4.2. Investing Activities
1.4.3. Financing Activities
2. Forms of Entity
2.1. Proprietorship
2.2. Partnership
2.3. Corporation
3. Kinds of Accounting
3.1. Financial Accounting
3.2. Management Accounting
4. Accounting Standards
4.1. GAAP
4.2. IFRS
5. IFRS Framework
5.1. Objective
5.2. Qualitative Characteristics
5.2.1. Understandability
5.2.2. Relevance
5.2.3. Reliability
5.2.4. Comparability
5.3. Constraints
5.3.1. Timeliness
5.3.2. Balance between Qualitative Characteristics
5.3.3. Benefits vs. Costs
5.4. Assumptions
5.4.1. Accrual Accounting
5.4.2. Going Concern
5.5. Elements
5.5.1. Asset
5.5.1.1. Property, Plant and Equipment (PPE)
5.5.2. Liability
5.5.3. Equity
5.5.4. Income
5.5.5. Expense