APPLICABLE FINANCIAL REPORTING FRAMEWORK Definition

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APPLICABLE FINANCIAL REPORTING FRAMEWORK is the financial reporting framework adopted in the preparation of the financial statements that is acceptable in
view of the nature of the entity and the objective of the financial statements, or that is required by law or regulation.

Learn new Accounting Terms

NON-MONETARY ASSET see MONETARY ASSET.

CONTRA ENTRY, in accounting, is a ledger entry which is offset by an opposite entry, either a debit or credit.

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