A set of criteria used to determine measurement,recognition,representation,and disclosure of all material items appearing in the financial statements is referred to as a(n)
A)Financial reporting framework.
B)Public Company Accounting Oversight Board Criteria.
C)Quality control presentation standard.
D)Special purpose audit standard.

Question

Quizplus · Accepted Answer

A set of criteria used to determine measurement, recognition, representation, and disclosure of all material items appearing in the financial statements is referred to as a financial reporting framework. It provides guidance for entities to prepare their financial statements in a consistent and appropriate manner, and commonly includes concepts such as relevance, reliability, materiality, and comparability. The other options are not relevant to this concept - B) Public Company Accounting Oversight Board Criteria pertains to the auditing of public companies, C) Quality control presentation standard is not a recognized term, and D) Special purpose audit standard pertains to auditing specific areas of an entity's financial statements.

A Set of Criteria Used to Determine Measurement,recognition,representation,and Disclosure of All