about trading with debt or equity instruments of a reporting entity).Ĭhapter 1 is NOT about the financial statements itself – these are described in Chapter 3. To help them make various decisions (e.g.
The main objective of general purpose financial reports is to provide the financial information about the reporting entity that is useful to existing and potential: In most cases, when there are no specific rules for your transaction and you need to develop your accounting policy, then you would look to the Framework as you cannot depart from its basic principles and definitions.Ĭhapter 1: The objective of general purpose financial reporting In this case, you need to apply the standard, not the Framework.
Sometimes, it may even happen that the rules in that IFRS or IAS standard will be contrary to what the Framework says. If you take action today and subscribe to the IFRS Kit, you’ll get it at discount! Click here to check it out!
Chapter 1 framework for financial accounting notes full#
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