Financial reporting framework

Final 7617 views 10 replies

Plzz someone elaborate the meaning of FRF in context of SA s...

Replies (10)
as per my knowledge...dictionary meaning of framework is the basic supporting structure of anything for example building built on steel framework...FRF is the framework for the preparation nd presentation of financial stmnts...If i m nt wrng bal sheet undr compny law is prepared on d structure provided by schedule VI

Thnks for the reply..

it seems correct ....additionaly i feel it should include accounting standards or IFRS..applicable to the entity depending on its nature.

Originally posted by : Adrut

Thnks for the reply..

it seems correct ....additionaly i feel it should include accounting standards or IFRS..applicable to the entity depending on its nature.

 

The term financial reporting framework is defined as a set of criteria used to determine measurement, recognition, presentation, and disclosure of all material items appearing in the financial statements. Examples of financial reporting frameworks are generally accepted accounting principles (GAAP)

Practically speaking, the accounting standards and respective laws are called Finacial reporting framework. 

Formally,

The financial reporting framework adopted by management and, where appropriate, those charged with governance in the preparation and presentation of the financial statements that is acceptable in view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.

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