What is "Financial Reporting Framework" in an audit mean?
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๋ฉ์ด์ ๊ธ ์ฌ์ค ํ ํ ์ฌ์ดํธ ์คํฌ์ธ ํ ํ ์ฌ์ดํธ ์ถ์ฒ์ ์ฒด ๋๋ฉ์ธ ๋ฉ์ด์ ํ ํ ์ฌ์ดํธ ํ ํ ์ฌ์ดํธ ์ฃผ์ ๋ฆฌ์คํธ ๋ฑ์ฌ๊ณต์ ์๋ด์ ์ด๋๋ผ ํ ํ ์ฌ์ดํธ ์ ๋ฌธ ๋ธ๋๋ ํ ํ ์ฌ์ดํธ ๋ฉ์ด์ ์ฌ์ค ํ ํ ์ฌ์ดํธ ์ค๋๋ ํ ํ ์ฌ์ดํธ ์ถ์ฒ๋ชฉ๋ก ํ ํ ์ฌ์ดํธ ์ถ์ฒ๋ชฉ๋ก ์ฐธ๊ณ ์ฌํญ ์ ๋ฆฌ ์์ ํ ์์ ๊ณต์ ์์ ๊ณต์ ์คํฌ์ธ ๋ถ์ ์ ๋ฌธ ๋จนํ์๋ ํด์ธ ํ ํ ์ฌ์ดํธ ํด์ธ ํ ํ ์ฌ์ดํธ ์ ํ ํ ๋์ดํฐ ์คํฌ์ธ ์ ๋ฌธ๊ฐ์ ๋ฉ์ด์ ์์ ๋์ดํฐ ๋ฉ์ด์ ์์ ๋์ดํฐ ์คํฌ์ธ ํ ํ ์ถ์ฒ ํด์ธ์ถ๊ตฌ ์คํฌ์ธ ํ ํ ์ฌ์ดํธ ์คํฌ์ธ ํ ํ ์ฌ์ดํธ ๋ฑ365 ๋ฐฐ๋น ์ข์ ์์ ์ฌ์คํ ํ ์์ ์ฌ์คํ ํ ํ๋ ๊ณณ ์ข์ ์ฌ์ค ์์ ๋์ดํฐ ์ฌ์ค ์์ ๋์ดํฐ ๋๋ฉ์ธ ๋ฏฟ์ ์ ์๋ ์์ ํ ํ ์ฌ์ดํธ ์์ ํ ํ ์ฌ์ดํธ ๋ฆฌ์คํธ ์ฐ ํ ํ ์ฌ์ดํธ์ถ์ฒ ํ ํ ์ฌ์ดํธ์ถ์ฒ ํ๋ณด์ฌ์ดํธ ์คํฌ์ธ ํ ํ ํ ํ ์ฌ์ดํธ ์์ ๋์ดํฐ ์ฌ๋กฏ์ฌ์ดํธ ์ฃผ์ ํ ํ ๋ฑ์ฌ๊ณต bebe40.com ์คํฌ์ธ ์ค๊ณ ํ์์ ๊น๋ฏผํฌ ๊ฒฐ๋ณ ๊น์ฌ์ ๋์ด ๊ฑธ๊ทธ๋ฃน๋๋ ๋ณด๊ฒธ ๋ถ๋์ฐ ํฌ๊ธฐ ์ฐ๋ฆฌ์นด์ง๋ ธ ์์ ํ๋์ดํฐ ํ ํ ์ฌ์ดํธ๋ชฉ๋ก ์ธํฐ๋ท์นด์ง๋ ธ ์คํฌ์ธ ๋ฐฐํ ์ฌ์ดํธ์ถ์ฒ ์คํฌ์ธ ํ ํ ์ต๊ณ ์ ์์ ๋ฉ์ด์ ๋์ดํฐ ์์ ๋ฉ์ด์ ๋์ดํฐ ๋ฆฌ์คํธ ์ถ์ฒ ๋ฌด์ ์ฌ ํ ํ ์ฌ์ดํธ ๋ชฉ๋ก ํ ํ ์ฌ์ดํธ ๋ชฉ๋ก ๋์ดํฐ์ถ์ฒ ์ฌ์ดํธ ๋ฌด์ฌ๊ณ ์์ ๊ณต์ ์ฃผ์ ์์ ๊ณต์ ์ฃผ์ ์คํฌ์ธ ์ ๋ฌธ ํ ํ ํด์ธ์์ ๋์ดํฐ ํด์ธ์์ ๋์ดํฐ ๋ฑ์ฌ๊ณต๋ฆฌ์คํธ ์ฌ์ค ์คํฌ์ธ ์ฌ์ดํธ ํ๋กํ ์น๋ถ์ ํ๋กํ ์น๋ถ์ ๋ฐฉ๋ฒ ํ ํ ์ ์ฒด ํ ํ ์ฌ์ดํธ ๋๋ฉ์ธ ํ ํ ์ฌ์ดํธ ๋๋ฉ์ธ ์ฐพ๊ธฐ ๋จนํ์๋ ํ๊ธ ๋ฉ์ด์ ์ฌ์ดํธ ํ๊ธ ๋ฉ์ด์ ์ฌ์ดํธ ์ธ์ต ์ผ๊ตฌ๋ฐฐํ ํ ํ ์ฌ์ดํธ ํ๋ณด ํ ํ ์ฌ์ดํธ ํ๋ณด ์ ์ฌ์ดํธ ํฌ๋ก์ค ์์ ๋ฉ์ด์ ๋์ดํฐ ์์ ๋ฉ์ด์ ๋์ดํฐ ํ ํ ๋ผ์ด๋ธ์คํฌ์ธ ์ฌ์คํ ํ ์ถ์ฒ ์ฌ์คํ ํ ์ถ์ฒ ์ ์ฒด ํ3 ํด์ธ ์์ ๋์ดํฐ ํด์ธ ์์ ๋์ดํฐ ์ ์ฒด ๋ฆฌ์คํธ ์ถ์ฒํ๋ ๊ณต์ ํ ํ ์ฌ์ดํธ ์ฃผ์ ๊ณต์ ํ ํ ์ฌ์ดํธ ์ฃผ์ ๋ป ๊ฒ์ฆ ์๋ฃ๋ ํด์ธ์ ํ ํ ์ฌ์ดํธ ํด์ธ์ ํ ํ ์ฌ์ดํธ ์ฃผ์ ๋ฌด๋ฃ ์คํฌ์ธ ์ค๊ณ ํด์ธ ์ถ๊ตฌ ์คํฌ์ธ ์ค๊ณ ์ฌ์ดํธ ์์ ํ ํ ํ ํ ์ฌ์ดํธ ์ถ์ฒ ํ ํ ์ฌ์ดํธ ์ถ์ฒ ์ฝ๋ ์ป๋ ๋ฒ ๋ฉ์ด์ ์ฌ์ดํธ ์ ์ฒด ์์ ๋์ดํฐ ์์ ๋์ดํฐ ๋ฒ ํ ์ฌ์ดํธ ๊ฐ์ ๊ณ ํ์ง์ค๊ณ ์ข์ ๋ฉ์ด์ ๋์ดํฐ ์ฌ์ดํธ ํ ํ ๋ฉ์ด์ ๋์ดํฐ ์ถ์ฒ ์คํฌ์ธ ํ ํ ๋ฌด๋ฃ ์คํฌ์ธ ์ค๊ณ ๊ณ ํ์ง ๋ฌด๋ฃ ์คํฌ์ธ ์ค๊ณ ๊ณ ํ์ง ์ฌ์ดํธ ๋ฉ์ด์ ๋์ดํฐ ์์ ํ ํ ์ฌ์ดํธ ์ถ์ฒ ๋ฆฌ์คํธ ์์ ํ ํ ์ฌ์ดํธ ์ถ์ฒ ๋ชฉ๋ก ์ค๋๋ ํ ํ ๋ฉ์ด์ ๋์ดํฐ ์ข์ ํ ํ ๋ฉ์ด์ ๋์ดํฐ ์ถ์ฒ ๋จนํ๊ฒ์ฆ ์๋ฒฝํ ํ ํ ์คํฌ์ธ ํ ํ ๋ธ๋ก๊ทธ ํ ํ ์คํฌ์ธ ํ ํ ์ ๋ฌธ ์ ๋ณด ์ ๋ช ํ ํ ํ ์์ ๋์ดํฐ ๋ชจ์ ํ ํ ์์ ๋์ดํฐ ๊ฒ์ฆ ๋ชฉ๋ก ๋ฌด์ฌ๊ณ ๋ฒ ํ ๋ฉ์ด์ ํ ํ ์ฌ์ดํธ ์ ์ฒด ์คํฌ์ธ ํ ํ ๋ฉ์ด์ ๋์ดํฐ ์ ์ฒด ์ถ์ฒ ๋ณด์ฆ ์ฝ๋ ๋ฌด๋ฃ ์คํฌ์ธ ์ค๊ณTV ์คํฌ์ธ ์ค๊ณ ๋ฌด๋ฃ TV ์ฌ์ดํธ ์ถ์ฒํ๋ ํ ํ ์ฌ์ดํธ ์์ ๊ฐ์ ์ฝ๋ ํ ํ ์ฌ์ดํธ ๊ฐ์ ์ ์ํ ์ฝ๋ ๋งค์ฐ ์์ ํ๊ณ ์ข์ ์์ ์ฌ์คํ ํ ์ฌ์ดํธ ์ฌ์คํ ํ ๋ฐฐํ ์ฌ์ดํธ ์ถ์ฒ ๋ฑ์ฌ๊ณต ๋ณด์ฆ ์คํฌ์ธ ํ ํ ์ฌ์ดํธ ์ข์ ์คํฌ์ธ ํ ํ ๋์ดํฐ ์ด๋๋ผ ์ถ์ฒ ์์ ๋ฐ์นด๋ผ ์ฌ์ดํธ ๋ฐ์นด๋ผ์ฌ์ดํธ ์ข์ ๊ณณ ์ ๋ฌธ๊ฐ ๋ฑ์ฌ๊ณต ์จ๋ผ์ธ ์นด์ง๋ ธ์ฌ์ดํธ ์นด์ง๋ ธ์ฌ์ดํธ ์ถ์ฒ ๋ฆฌ์คํธ ํ ํ ๋ฏธ๋๊ฒ์ ํ์๋ณผ์ฌ์ดํธ ์์ ํ์๋ณผ ์ ์ฉ ์ฌ์ดํธ ์ถ์ฒ ๋ฑ์ฌ๊ณต์ ๊ฒ์ฆ์์คํ ๋จนํ๊ฒ์ฆ ์ฌ์ดํธ ํ ํ ๋จนํ๊ฒ์ฆ ์ ๋ฌธ๊ฐ ๋ฏฟ๊ณ ์ฐ๋ ํ ํ ์์ ๋์ดํฐ ํ ํ ์์ ๋์ดํฐ ์ถ์ฒ ์ ์ฒด ์จ๋ผ์ธ ์ ๋ฌธ ์ฌ๋กฏ๋จธ์ ์ฌ์ดํธ ์ฌ๋กฏ๋จธ์ ์ญํ ๋์ดํฐ์ถ์ฒ ํ์คํ ํ ํ ์ ๋ฌธ๊ฐ์ ์์ ํ ํ ์์ ํ ํ ์ฌ์ค ์ฌ์ดํธ ์ ๋ฝ ๋จ๋ฏธ ํด์ธ์ถ๊ตฌ ํด์ธ์ถ๊ตฌ ์ค๊ณ ์ ๋ณด ๊ฐ์ฅ ์ธ๊ธฐ์๋ ์์ ๋ฉ์ด์ ๋์ดํฐ ์ข์ ์์ ๋ฉ์ด์ ๋์ดํฐ ์ฝ๋ ๋ฐฐ๋น ์ข์ ์น๋ฌดํจ ์ฌ์ดํธ ํ ํ ์น๋ฌดํจ ์ฌ์ดํธ ์ถ์ฒ ์ฌ์ค ์์ ํ ์์ ๋ฐฐํ ์ฌ์ดํธ ํ์คํ ์์ ๋ฐฐํ ์ฌ์ดํธ ์ถ์ฒ
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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.
**"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.
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
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.