Applicable financial reporting framework

An applicable financial reporting framework is the set of rules used as guidelines in the preparation of financial statements. The framework used is typically based on the type of business and where it is located, as well as the applicable laws. For example, the applicable financial reporting framework for a business located in the United States would be Generally Accepted Accounting Principles, while International Financial Reporting Standards would be the applicable reporting framework in most other countries.

Related Courses

GAAP Guidebook 
IFRS Guidebook