Can anyone explain me, what is actual meaning of "Financial Reporting Framework" as per SAs in an understandable manner. Please reply.....
CA PRADEEP C B
(Prop: Pradeep C & Company Chartered Accountant Palakkad Kerala)
(166 Points)
Replied 13 November 2017
Financial reporting frame work:
1. for organisations established under any act or law - that act or law will prescribe preparation , disclosure and presentation of financial information of that organisations in such form and manner.
eg: for companies registered under Companies Act 2013, accounting standards prescribed under section 133 and format of financial statements prescribed in shedule III.
but for banking , insurance. ...companies they have separate form of financial statements under the those Acts.
2. for other organisations - basically it is accouting standards, IND AS,.....
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