Special Purpose Frameworks

Free CPA FAR (Financial Accounting & Reporting) lesson in Financial Reporting. 19 min read, ~2,821 words.

A special purpose framework (SPF) is any non-GAAP, non-IFRS basis used to prepare financial statements (cash, modified cash, tax, regulatory, or contractual), defined in AU-C 800. SPF statements cannot use GAAP titles (Balance Sheet, Income Statement, Statement of Cash Flows); titles must signal the basis, e.g. Statement of Assets and...