Applicable financial reporting framework
An applicable financial reporting framework is the set of rules used to prepare financial statements. The framework used is typically based on the type of business, where it is located, and the applicable laws. For example, the applicable financial reporting framework for a business in the United States would be Generally Accepted Accounting Principles. At the same time, International Financial Reporting Standards would be the applicable reporting framework in most other countries [Accounting Tools].
Applicable financial reporting framework means the financial reporting framework adopted by the entity in preparing acceptable financial statements given the entity's nature and the objective of the financial statements or that is required by law or regulation. The applicable financial reporting framework determines the form and content of the financial statements [Law Insider].
Applicable financial reporting framework definition. Accounting Tools. Retrieved from: https://www.accountingtools.com/articles/applicable-financial-reporting-framework
Applicable financial reporting framework definition. Law Insider. Retrieved from: https://www.lawinsider.com/dictionary/applicable-financial-reporting-framework