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Fair Presentation Framework and Compliance Framework

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Fair Presentation Framework and Compliance Framework

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  • January 1, 2023 at 9:46 am #675268
    daniyal45
    Participant
    • Topics: 14
    • Replies: 4
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    I have read in ISA 700 revised.
    What is meant by Fair Presentation Framework and Compliance Framework?

    January 1, 2023 at 12:59 pm #675279
    Kim Smith
    Keymaster
    • Topics: 130
    • Replies: 8106
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    Welcome to my forum!

    IFRS is a fair presentation framework i.e. reporting requirements are aimed at financial statements that “present fairly, in all material respects…. “.

    A compliance framework is more rules based rather than principles based.

    January 1, 2023 at 1:04 pm #675280
    Kim Smith
    Keymaster
    • Topics: 130
    • Replies: 8106
    • ☆☆☆☆☆

    You need only know fair presentation for AAA.

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