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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QUALITY OF EARNINGS is the increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.

VARIABLE COSTS are those costs associated with production that changes directly with the amount of production, e.g.,the direct material or labor required to complete the build or manufacturing of a product.

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