10-16-2010, 03:48 AM
I got some idea about compliance framework but I do not know the real example.
For example there is an entity established under a law and that law stipulates requirements for the entity in respect of preparation of financial statements and maintenance of books of accounts etc.
The relevant provisions of that law are the applicable financial reporting framework for the entity (compliance framework) because it requires compliance with the requirements of the framework but it does not contain the acknowledgements relating to fair presentation.
For example there is an entity established under a law and that law stipulates requirements for the entity in respect of preparation of financial statements and maintenance of books of accounts etc.
The relevant provisions of that law are the applicable financial reporting framework for the entity (compliance framework) because it requires compliance with the requirements of the framework but it does not contain the acknowledgements relating to fair presentation.
