[Verse 1]
When we build our framework strong and true
IFRS gives us principles to pursue
Financial statements tell a story clear
With relevance and faithful representation here
Going concern assumes we'll stay in play
Unless there's evidence we'll fade away
[Chorus]
R-F-C-U, that's the way we see it through
Relevant and Faithful, Comparable too
Understandable for users who depend
On information that we comprehend
Accrual basis shows us what is real
Not just the cash that we can feel
[Verse 2]
Recognition comes when criteria align
Probable benefits in the bottom line
Measurement follows with our chosen base
Historical cost or fair value in its place
Elements defined as assets, liabilities
Equity and performance realities
[Chorus]
R-F-C-U, that's the way we see it through
Relevant and Faithful, Comparable too
Understandable for users who depend
On information that we comprehend
Accrual basis shows us what is real
Not just the cash that we can feel
[Bridge]
Materiality guides our judgment call
If it matters to decisions, show it all
Timeliness and verifiability
Enhance the useful quality we see
When cash and accrual tell different tales
Accrual accounting always prevails
[Verse 3]
Primary characteristics lead the way
Enhancing features support what we say
Neutrality keeps our reporting fair
Free from bias everywhere we share
The framework stands as our foundation
For consistent global application
[Final Chorus]
R-F-C-U, that's the way we see it through
Relevant and Faithful, Comparable too
Understandable for users who depend
On information that we comprehend
Conceptual framework shows the light
Making financial reporting right
[Outro]
IFRS principles guide our way
Building trust in what we say
Framework strong from start to end
That's how professional standards blend