What is a special purpose reporting framework?
A special purpose framework is a financial reporting framework designed to meet the financial information needs of specific users. The financial reporting framework may be a fair presentation framework or a compliance framework.
What is reporting framework?
A reporting framework is a standardized system for consistently reporting CSR management systems and CSR performance. Generally speaking, such frameworks should allow for public reporting, although that would not usually be a requirement.
Is GAAP a special purpose framework?
An entity changes its accounting basis (also known as financial reporting framework) from U.S. GAAP to a special purpose framework such as income tax basis.
Which of the following uses what is considered a special purpose financial reporting framework?
International Financial Reporting Standards are considered a special-purpose financial reporting framework. Cash-basis financial statements are considered as having been prepared following a special-purpose financial reporting framework, and their use should be restricted to specified users.
Is Ocboa a GAAP?
Other Comprehensive Basis of Accounting (OCBOA) is a non-GAAP accounting protocol used to generate financial statements. OCBAOA examples include the income tax basis of accounting, the cash basis of accounting, and the modified cash basis of accounting.
What is general purpose framework?
General purpose framework – A financial reporting framework designed to meet the common financial information needs of a wide range of users. The financial reporting framework may be a fair presentation framework or a compliance framework.
What is integrated reporting framework?
The International Integrated Reporting Framework is used to accelerate the adoption of integrated reporting across the world with an aim to: Improve the quality of information available to providers of financial capital to enable a more efficient and productive allocation of capital.
What is the IFRS framework?
IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the London-based International Accounting Standards Board (IASB). It is currently the required accounting framework in more than 120 countries.
What does Ocboa stand for?
IN CERTAIN INSTANCES CPAs SHOULD CONSIDER preparing and reporting on financial statements using an “other comprehensive basis of accounting” (OCBOA). Tax-basis and cash-basis, including modified-cash-basis, financial statements are the most widely used OCBOA statements.
What is special purpose audit report?
Special purpose audits refer to those circumstances in which the auditor is required to report on specific financial information for specific purposes to specific users, in comparison with the general audit of financial statements.
What is the difference between tax basis and GAAP?
Under the income tax basis, real estate assets are depreciated over periods specified in the Internal Revenue Code, while GAAP uses estimated useful lives. The income tax basis allows for accelerated depreciation methods, while GAAP traditionally depreciates over the applicable lives on a straight line basis.
What is a compliance framework?
A compliance framework is a structured set of guidelines that details an organization’s processes for maintaining accordance with established regulations, specifications or legislation.
What are the different financial reporting frameworks?
Examples of financial reporting frameworks are generally accepted accounting principles (GAAP) in the United States of America, International Financial Reporting Standards (IFRSs), and special purpose frameworks (also known as other comprehensive bases of accounting [OCBOA]).
What are the 6 capitals?
1.2 The capitals identified by the IIRC are: financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital, and natural capital. Together they represent stores of value that are the basis of an organization’s value creation.
What are the 6 capitals of integrated reporting discuss each?
Fundamental concept: The Capitals The IIRC recognises six distinct but interrelated capitals: financial, manufactured, natural, human, intellectual and social and relationship.
What is difference between GAAP and IFRS?
GAAP stands for Generally Accepted Financial Practices, and it’s based in the U.S. IFRS is a set of international accounting standards, which state how particular types of transactions and other events should be reported in financial statements.
What is the difference between GAAP and tax basis?
Can you do an audit on cash-basis?
The process permits you to review a representative sample of the accounting transactions for the audit period. In cash-basis bookkeeping, those transactions reflect only the payments that have actually been made and cash physically received, so there is no audit of outstanding transactions.
What are special audits?
A special audit is a tightly-defined audit that only looks at a specific area of an organization’s activities. This type of audit may be initiated by a government agency, but could be authorized by any entity, or even internally. Examples of special audits are noted below: Compensation audits. Compliance audits.