EXERCISE $1-2$: Identify the term being described by each item.

Process of incorporating on the statement of financial position or profit or loss statement an item that meets the definition of an element

Process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried on the statement of financial position and profit or loss statement

Amount of cash or cash equivalents given or the fair value of the asset exchanged to obtain an item at the time of its acquisition

Amount of cash or cash equivalents that would have to be paid if the same or an equivalent asset is acquired currently

Amount of cash or cash equivalents that could currently be received through the sale of an asset in an orderly manner

A particular form of general purpose financial reports that provide information about the reporting entity's assets, liabilities, equity, income and expenses

Standards and interpretations issued by the International Accounting Standards Board

They contain information that supplements the information already presented on the face of the financial statements

Items of income and expense that are not recognized in profit or loss as required or permitted by other PFRSs

Total of income less expenses, excluding the components of other comprehensive income