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Fair Presentation Framework and Compliance Framework

This topic has 2 replies, 2 voices, and was last updated 2 months ago by Kim Smith.

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January 1, 2023 at 9:46 am #675268
daniyal45
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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
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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
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You need only know fair presentation for AAA.
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