Important

Save Share

Join Us Follow Us Add as Source

This query is : Resolved

Report Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2014 Sir please tell me,special purpose financial statement kya hota hai,and with example

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2014 Aur sir,jo business /profession me company me company profit and loss account banate hai,kya sir isko special purpose financial statement bol sakte hai ya nhe

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2014 Aur sir,ipcc tax me,jo business /profession me company me company profit and loss account banate hai,kya sir isko special purpose financial statement bol sakte hai ya nhe

Nikhil Kaushik

Nikhil Kaushik (Expert)

16 May 2014 Special purpose financial statements is such set of financial statements which are prepared using special purpose framework to cater special needs of specific users of financial statements.

As it is made not for public at large and its availability is restricted to only specific users, it is mostly of limited use.

Special purpose framework means such framework which is different from a framework meant for general purpose financial statements.
Sometime entity make financial statements not complying with all the regulations of general purpose financial reporting framework, this is also treated as special purpose framework and financial statements prepared under such framework will be special purpose financial statements.

Special purpose financial statements are mostly made for internal users i.e. management, those charged with governance or for limited external users i.e. governments and banks.

For example, if financial statements are made for tax authorities then most likely framework will be tax regulatory framework and financial statements will be prepared in compliance to this framework.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now