Framework for the Preparation and Presentation of Financial StatementsThe IASC Framework was approved by the Board in April 1989 for publication in July 1989.ContentsPREFACEINTRODUCTION Paragraphs 1 - 11Purpose and Status 1 - 4Scope 5 - 8Users and Their Information Needs 9 - 11THE OBJECTIVE OF FINANCIAL STATEMENTS 12 - 21Financial Position, Performance and Changesin Financial Position 15 - 21Notes and Supplementary Schedules 21UNDERLYING ASSUMPTIONS 22 - 23Accrual Basis 22Going Concern 23QUALITATIVE CHARACTERISTICS OF FINANCIALSTATEMENTS 24 - 46Understandability 25Relevance 26 - 30Materiality 29 - 30Reliability 31 - 38Faithful Representation 33 - 34Substance Over Form 35Neutrality 36Prudence 37Completeness 38Comparability 39 – 42Continued../..Constraints on Relevant and Reliable Information 43 - 45Timeliness 43Balance between Benefit and Cost 44Balance between Qualitative Characteristics 45True and Fair View/Fair Presentation 46THE ELEMENTS OF FINANCIAL STATEMENTS 47 - 81Financial Position 49 - 52Assets 53 - 59Liabilities 60 - 64Equity 65 - 68Performance 69 - 73Income 74 - 77Expenses 78 - 80Capital Maintenance Adjustments 81RECOGNITION OF THE ELEMENTS OF FINANCIALSTATEMENTS...