Page 24 - Financial Accounting 1 ITC Preparation June 2018

ITC EXAM PREP – JUNE 2018

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
• There is no specific accounting
• Recognition of a transaction with
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

24