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Hi Sir
Could you please explains the difference between financial reporting frame work and financial reporting principle, and how are they related. Thank you.
The framework is the whole system, ie the set of criteria used to determine measurement, recognition, presentation, and disclosure of all material items appearing in the financial statements. IASs and IFRSs are included there.
Principles underpin the system amd include concepts such as: accruals, consistency, materiality and aggregation etc as listed in IAS1.
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