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Applicable Financial Reporting

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › Applicable Financial Reporting

  • This topic has 1 reply, 2 voices, and was last updated 2 weeks ago by Kim Smith.
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  • May 12, 2023 at 7:59 am #684225
    JohnnySins
    Participant
    • Topics: 30
    • Replies: 16
    • ☆

    Does the Fs being prepared in the applicable financial reporting framework also mean that the assertions have also been met for example the Fs is complete, accurate , classification, presentation etc can I say the the Fs is prepared in the applicable financial reporting framework and still mean that the all the assertions are true?

    May 12, 2023 at 10:59 am #684240
    Kim Smith
    Keymaster
    • Topics: 105
    • Replies: 7089
    • ☆☆☆☆☆

    Not really sure where you are going with this. Assertions are about classes of transactions, account balances, and related disclosures – they are not about the FS as a whole. The financial reporting framework provides the basis for the preparation of the financial statements – assertions are used by auditors to consider the different types of potential misstatements.

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