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Financial reporting framework

Vidit Seth (Practicing CA) (76 Points)

09 August 2011

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

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Sareen (CA Student) (181 Points)
Replied 10 August 2011

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

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Vidit Seth (Practicing CA) (76 Points)
Replied 10 August 2011

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.

devashish bharti (Student CA IPC / IPCC) (34 Points)
Replied 12 January 2015

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.

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Vajresh Mehta (Article) (32 Points)
Replied 07 February 2016

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)

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krishnakumar (Student and Hyper learner) (166 Points)
Replied 13 April 2018

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

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krishnakumar (Student and Hyper learner) (166 Points)
Replied 13 April 2018

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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