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What is "Financial Reporting Framework" in an audit mean?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

What is "Financial Reporting Framework" in an audit mean?

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5 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

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Open uri20170510 32134 1ue0f38?1494421710 answered

Hi Ritu, The answer to your query What is "Financial Reporting Framework" in an audit mean is as follows: All financial statements are prepared in accordance with a financial reporting framework. 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). The Framework sets out the concepts that underlie the preparation and presentation of financial statements for external users. The purpose of the Framework is to: (a) assist preparers of financial statements in applying Accounting Standards and in dealing with topics that have yet to form the subject of an Accounting Standard; (b) assist the Accounting Standards Board in the development of future Accounting Standards and in its review of existing Accounting Standards; (c) assist the Accounting Standards Board in promoting harmonisation of regulations, accounting standards and procedures relating to the preparation and presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by Accounting Standards; (d) assist auditors in forming an opinion as to whether financial statements conform with Accounting Standards; (e) assist users of financial statements in interpreting the information contained in financial statements prepared in conformity with Accounting Standards; and (f) provide those who are interested in the work of the Accounting Standards Board with information about its approach to the formulation of Accounting Standards.

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Open uri20170510 32134 ng4pv?1494421709 answered

**"Financial Reporting Framework" in an audit means** the basic structure or say essential supporting underlying any financial statement it implies that financial statement is complaint with law or regulation governing the entity.Financial reporting requires compliance with the requirements of the framework such as INDIAN GAAP , IFRS , IND AS . The auditor has to report in its audit report any deviation from the framework and to ensure that the framework adopted by the management or those charged with governance is acceptable considering the nature of the entity and the objective of the financial report, or that is required by law or regulation. The only aim behind ****"Financial Reporting Framework"** is to achieve fair presentation of the financial report.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Hi, All financial statements are prepared in accordance with a financial reporting framework. 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) in the United States of America, International Financial Reporting Standards (IFRSs), and special purpose frameworks (also known as other comprehensive bases of accounting [OCBOA]). Hope this helps you Thank You

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Dear ritu, financial reporting framework(FRF) is a set of module which indicates how should we prepare our financial statements to give better presentation, and such presentation is reliable on bases of assumptions and norms of such perticuler FRF. One of the FRF is schedule III of companies law, schedule II/III of banking act, insurance act, electricity act. They all gives a set of rules so that they can show actual profit as per industries. These all may have diff rules-norms, because every industries has there own path of activities so they should follow diff way than other industry.

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