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Standards Advisory Council (SAC)

International Accounting Standards Board (IASB)

International Financial Reporting Interpretations Committee (IFRIC)

Accounting Principles Board (APB)

Wages, short-term benefits, long-term benefits, termination benefits

Wages, profit-sharing, bonuses, non-monetary bonuses

Short-term benefits, post-employment benefits, long-term benefits, termination benefits

Wages, short-term benefits, bonuses, termination benefits

A resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity

A present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits

Decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants

Increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants

The employee value proposition

A long term benefit

A noncurrent expense

A liability

Directors and management personnel

All employees except casual employees

All employees

All full-time employees

Re-measurement method

Fair value method

Net present value method

Projected unit credit method

To show liability and equity and the manner in which those funds are employed

To account for changes in cash during the accounting period

To show details of the nature of a company’s operating activities

To reconcile the beginning and ending balances of stockholders’ equity

Cost

Materiality

Expense

Disclosure

Faithful representation

Measurement

Full disclosure

Going concern

Full disclosure

Expense recognition

Going concern

Constraints

Predictive value

Complete

Faithful representation

Relevance

To show liability and equity and the manner in which those funds are employed in a manner which is useful for users of the statement

To account for changes in cash during the accounting period in a manner which is useful for users of the statement

To show details of the nature of a company’s operating activities in a manner which is useful for users of the statement

To reconcile the beginning and ending balances of stockholders’ equity in a manner which is useful for users of the statement

Faithful representation

Relevance

Predictive value

Comparability