Conceptual Framework for Financial Reporting

general purpose
financial statements
A particular form of general purpose financial
reports that provide information about the report-
ing entity’s assets, liabilities, equity, income and
expenses.
CF.3.2
income
Increases in assets, or decreases in liabilities, that
result in increases in equity, other than those
relating to contributions from holders of equity
claims.
CF.4.68
liability
A present obligation of the entity to transfer an
economic resource as a result of past events.
CF.4.26
material 
information
Information is material if omitting, misstating, or
obscuring it could reasonably be expected to
influence decisions that the primary users of
general purpose financial reports make on the basis
of those reports, which provide financial informa-
tion about a specific reporting entity.
CF.2.11
measure
The result of applying a measurement basis to an
asset or liability and related income and expenses.
CF.6.1
measurement basis
An identified feature—for example, historical cost,
fair value or fulfilment value—of an item being
measured.
CF.6.1
measurement
uncertainty
Uncertainty that arises when monetary amounts in
financial reports cannot be observed directly and
must instead be estimated.
CF.2.19
offsetting
Grouping an asset and liability that are recognised
and measured as separate units of account into a
single net amount in the statement of financial
position.
CF.7.10
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Conceptual Framework
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© IFRS Foundation

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outcome 
uncertainty
Uncertainty about the amount or timing of any
inflow or outflow of economic benefits that will
result from an asset or liability.
CF.6.61