FINANCIAL REPORTING FRAMEWORK Definition

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FINANCIAL REPORTING FRAMEWORK is a set of criteria used to determine measurement, recognition, presentation, and disclosure of all material items appearing in the financial statements.

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FISCAL LEVERAGE is the ability of a government to affect economic conditions and/or actions of others through fiscalist policies.

ENGAGEMENT LETTER is a letter that represents the understanding about the engagement between the client and the CPA. The letter identifies the financial statements and describes the nature of procedures to be performed. It includes the objectives of the procedures, an explanation that the financial information is the responsibility of the company's management, and a description of the form of report.

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