Applicable financial reporting framework definition

Applicable financial reporting framework means the financial reporting framework adopted by the entity in the preparation of the financial statements that is acceptable in view of the nature of the entity 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.

Applicable financial reporting framework means a financial reporting framework adopted by the responsible party in preparing the other historical financial information. Where legal and regulatory requirements supplement the applicable financial reporting framework with additional requirements relating to the preparation and presentation of the other historical financial information, the applicable financial reporting framework, for the purposes of applying the ISAs, encompasses both the financial reporting framework and such additional requirements, provided they do not conflict with the applicable financial reporting framework.

Applicable financial reporting framework means the financial reporting framework applicable to the group financial statements.(b) “Audit methodology” means the policies and procedures adopted by a firm and applied by the engagement team to perform audits of financial statements that are of a consistent quality.