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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. That concept is intended to assist the boards when developing standards for general purpose external financial reports prepared in accordance with International Financial Reporting ...
- Conceptual Framework for Financial Reporting - IFRS
The objective of general purpose financial reporting forms...
- Conceptual Framework Reporting Entity - IFRS
The adjective reporting is simply used to refer to the...
- Conceptual Framework for Financial Reporting - IFRS
The objective of general purpose financial reporting forms the foundation of the Conceptual Framework. Other aspects of the Conceptual Framework—the qualitative characteristics of, and the cost constraint on, useful financial information, a reporting entity concept, elements of financial statements, recognition and derecognition, measurement ...
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The adjective reporting is simply used to refer to the entity that is reporting, and does not exclude any particular entity from being a reporting entity. 15. In March/April 2006, the Boards agreed that what constitutes an entity for financial reporting purposes should not be limited to legal entities, however defined.
The RCF definition of a reporting entity determines a boundary for what economic activities need to be included in general purpose financial statements (GPFS). The SAC 1 Definition of the Reporting Entity definition of reporting entity determines who should prepare GPFS – all other entities can choose to prepare SPFS.
RE2. The concept of the reporting entity was developed in the context of general purpose financial reporting. General purpose financial reporting, which is defined in Chapter 7, Presentation, of this Concepts Statement, provides useful financial information about a reporting entity that assists existing and potential resource
The objective of general purpose financial reporting described in FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 1, The Objective of General Purpose Financial Reporting, references the concept of a reporting entity; however, the Conceptual Framework did not describe a reporting entity. Because the Conceptual Framework is intended to be a coherent system of interrelated objectives and fundamental concepts, there has been a need to develop a concept of ...
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Apr 12, 2024 · The objective of IFRS 18 is to set out requirements for the presentation and disclosure of information in general purpose financial statements (financial statements) to help ensure they provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses.
