Audit report

Fair presentation framework is such a framework that requires compliance with the provisions of framework but in addition that it acknowledges that:

• in achieving fair presentation management might have to make such additional disclosures that are not specifically required by the framework; and
• in extremely rare circumstances it might be necessary to depart from the requirements of the framework to achieve fair presentation of the entity’s financial position and performance in the financial statements

Compliance framework, as the name suggests, requires compliance with the provisions of the framework i.e. strict obedience of instructions is required and the ones preparing financial statements have no choice but to follow the requirements of framework. Compliance framework does not allow any room or flexibility as given under fair presentation framework.