Conceptual Framework for Financial Reporting

economic resource
A right that has the potential to produce economic
benefits.
CF.4.4
enhancing 
qualitative 
characteristic
A qualitative characteristic that makes useful
information more useful. The enhancing qualitative
characteristics are comparability, verifiability,
timeliness and understandability.
CF.2.4,
CF.2.23
equity
The residual interest in the assets of the entity after
deducting all its liabilities.
CF.4.63
equity claim
A claim on the residual interest in the assets of the
entity after deducting all its liabilities.
CF.4.64
executory contract
A contract, or a portion of a contract, that is equally
unperformed—neither party has fulfilled any of its
obligations, or both parties have partially fulfilled
their obligations to an equal extent.
CF.4.56
existence 
uncertainty
Uncertainty about whether an asset or liability
exists.
CF.4.13,
CF.4.35
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Conceptual Framework
© IFRS Foundation
A93

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expenses
Decreases in assets, or increases in liabilities, that
result in decreases in equity, other than those
relating to distributions to holders of equity claims.
CF.4.69
fundamental
qualitative 
characteristic
A qualitative characteristic that financial informa-
tion must possess to be useful to the primary users
of general purpose financial reports. The fundamen-
tal qualitative characteristics are relevance and
faithful representation.
CF.2.4,
CF.2.5
general purpose
financial report
A report that provides financial information about
the reporting entity’s economic resources, claims
against the entity and changes in those economic
resources and claims that is useful to primary users
in making decisions relating to providing resources
to the entity.
CF.1.2,
CF.1.12