Role of Framework
Deloitte states:
In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8.
Read more about this topic: International Financial Reporting Standards
Famous quotes containing the words role of, role and/or framework:
“Women’s battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.”
—Paula Nelson (b. 1945)
“The Declaration [of Independence] was not a protest against government, but against the excess of government. It prescribed the proper role of government, to secure the rights of individuals and to effect their safety and happiness. In modern society, no individual can do this alone. So government is not a necessary evil but a necessary good.”
—Gerald R. Ford (b. 1913)
“Seeing our common-sense conceptual framework for mental phenomena as a theory brings a simple and unifying organization to most of the major topics in the philosophy of mind.”
—Paul M. Churchland (b. 1942)