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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BILLINGS IN EXCESS OF COSTS see COST IN EXCESS OF BILLINGS.

PAY CYCLE is a set of rules that defines the criteria by which scheduled payments are selected for payment creation, e.g., payroll may be on a weekly, bi-weekly, or monthly pay cycle.

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