FRS Framework

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1、FINANCIALREPORTINGSTANDARDSFRAMEWORKFORTHEPREPARATIONANDPRESENTATIONOFFINANCIALSTATEMENTSContentsParagraphsINTRODUCTION1–7PurposeandStatus1Scope2–4UsersandTheirInformationNeeds5–7THEOBJECTIVEOFFINANCIALSTATEMENTS8-17FinancialPosition,PerformanceandChangesinFinancialPosition11-16NotesandSupplementar

2、ySchedules17UNDERLYINGASSUMPTIONS18-19AccrualBasis18GoingConcern19QUALITATIVECHARACTERISTICSOFFINANCIALSTATEMENTS20-26Understandability21Relevance22-24Materiality25-26Reliability27-34FaithfulRepresentation29-30SubstanceOverForm31Neutrality32Prudence33Completeness34Comparability35-38ConstraintsonRel

3、evantandReliableInformation39-42Timeliness39BalancebetweenBenefitandCost40BalancebetweenQualitativeCharacteristics41TrueandFairView/FairPresentation42THEELEMENTSOFFINANCIALSTATEMENTS43-77FinancialPosition45-48Assets49-55Liabilities56-60Equity61-64Performance65-69Income70-73Expenses74-76CapitalMaint

4、enanceAdjustments77RECOGNITIONOFTHEELEMENTSOFFINANCIALSTATEMENTS78-94TheProbabilityofFutureEconomicBenefit81ReliabilityofMeasurement82-84RecognitionofAssets85-86RecognitionofLiabilities87RecognitionofIncome88-89RecognitionofExpenses90-94MEASUREMENTOFTHEELEMENTSOFFINANCIALSTATEMENTS95-97CONCEPTSOFCA

5、PITALANDCAPITALMAINTENANCE98-106ConceptsofCapital98-99ConceptsofCapitalMaintenanceandtheDeterminationofProfit100-106IntroductionPurposeandStatus1.Thisframeworksetsouttheconceptsthatunderliethepreparationandpresentationoffinancialstatementsforexternalusers.Thepurposeoftheframeworkisto:(a)assistprepa

6、rersoffinancialstatementsinapplyingFinancialReportingStandardsandindealingwithtopicsthathaveyettoformthesubjectofaFinancialReportingStandard;(b)assistauditorsinforminganopinionastowhetherfinancialstatementsconformwithFinancialReportingStandards;and(c)assistusersoffinancialstatementsininterpretingth

7、einformationcontainedinfinancialstatementspreparedinconformitywithFinancialReportingStandards.Scope2.Theframeworkdealswith:(a)theobjectiveoffinancialstatements;(b)thequalitativecharacteristicsthatdeterminet