Page 23 - 5.1 (b) i. Finac1 ITC Summarised Notes

ITC EXAM PREP

The Framework Exam Application

• Some questions will require you • The recognition criteria of probable

to define the elements of future economic benefit
framework such as provisions inflows/outflows and reliable

(IAS 37) and intangible assets measurement of the elements play
(IAS 38) a big role in the question
• Recognition of a transaction with • There is no specific accounting
standard that governs the
only reference to Conceptual
particular transaction
Framework • You feel slightly lost in the question

• More marks allocated to a and don’t really have an idea how
conceptual framework question ( to solve for the answer – try to
e.g. 20 marks) and therefore refer to the basic elements and

correct reference very important principles contained in the
to maximise marks conceptual framework

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