Authority and currency
About this authority
- Publisher
- Financial Accounting Foundation
- Standing
- Primary authority
- Version
- As amended December 2021
- Relevant parts
- Introduction and paragraphs 21 through 54; present-value techniques, measurement objectives, cash-flow timing, and interest-rate assumptions
- Currency
- current · checked Aug 7, 2026
This source gives accounting learners the boundary that a formula alone cannot supply. Two equal cash amounts due on different dates need not have the same economic value, but an accounting present-value measurement also depends on a defined objective and supported assumptions about amount, timing, and risk.
The curriculum uses original notation, explanations, and fictional facts. It does not reproduce the source's prose or treat the statement as a recognition rule. A later standards-specific module must identify the applicable authoritative guidance before using present value in an actual accounting measurement.