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SECTION 1: THE REPORTING ENTITY CONCEPT. Introduction. 16. As noted earlier, the objective of this phase of the project is to develop a reporting entity concept for inclusion in the boards’ common conceptual framework.
- Conceptual Framework Reporting Entity - IFRS
RE1: When is a legal entity, or an economic unit, a...
- Conceptual Framework for Financial Reporting - IFRS
INTRODUCTION. QUALITATIVE CHARACTERISTICS OF USEFUL...
- Conceptual Framework Reporting Entity - IFRS
The objective of the reporting entity concept is to describe a reporting entity. The description of a reporting entity is consistent with the objective of general purpose financial reporting.
RE1: When is a legal entity, or an economic unit, a reporting entity? (e.g., branch versus entity, business versus entity) Are there two questions—what is an entity and what is a reporting entity?
INTRODUCTION. QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION. Fundamental qualitative characteristics. Enhancing qualitative characteristics. THE COST CONSTRAINT ON USEFUL FINANCIAL REPORTING. CHAPTER 3—FINANCIAL STATEMENTS AND THE REPORTING ENTITY. FINANCIAL STATEMENTS. Objective and scope of financial statements. Reporting period.
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and the cost constraint on, useful financial information, a reporting entity concept, elements of financial statements, recognition and derecognition, measurement, presentation and disclosure—flow logically from the objective.
The Conceptual Framework is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes of financial reporting, and the fundamentals are the underlying concepts that help achieve those objectives.
People also ask
Why do we need a concept of the reporting entity?
Should a conceptual framework define a reporting entity?
Should the reporting entity chapter describe an individual entity?
Why is there a lack of a reporting entity concept?
In the course of considering applying the revised Conceptual Framework for Financial Reporting (RCF) in Australia, the AASB identified an inconsistency in the definition of ‘reporting entity’ in the RCF and the widely used and understood Australian ‘reporting entity concept’.
