[kwags23]

I am having a hard time understanding this concept. Can someone please assist?

Thanks,

[Smashbox20]

Thsi is the framework that the F/S are prepared in accordance with. Is it GAAP, IFRS, Tax Basis, etc. Certain transactions and disclosures may be appropriately accounted for relative to one framework but materially misstated as it relates to the framework the entity is using. High level summary for you there, hope that helps.

FAR: Passed
REG: Passed
BEC: Passed
AUD: Passed

[rzrbkfaith]

Make sure that you remember that while other frameworks may be a departure from GAAP, as long as the framework is followed for reporting and there are no material misstatements with regards to that particular framework, your opinion would still be unmodified. You do have to disclose which framework is being used though.

AUD - 99
BEC - 97
REG - 91
FAR - 1/8/16

[Author]

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