Application of the Accounting Standards Framework
Sets down the accounting standards framework for for-profit and public benefit entities (both not-for-profit and public sector entities) that are required, or opting, to prepare general purpose financial reports.
It establishes the:
- financial reporting tiers;
- criteria for each financial reporting tier;
- accounting standards and authoritative notices that apply to each tier; and
- requirements for an entity to move from one tier to another tier.