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Framework for the Preparation and Presentation of Financial Statements

The following is the text of the 'Framework for the Preparation and Presentation of Financial Statements' issued by the Accounting Standards Board of the Institute of Chartered Accountants of India.
	Paragraphs
INTRODUCTION	1-11
Purpose and Status	1-4
Scope	5-8
Users and Their Information Needs	9-11
THE OBJECTIVE OF FINANCIAL STATEMENTS	12-21
Financial Position, Performance and Cash Flows	15-21
Notes and Supplementary Schedules	21
UNDERLYING ASSUMPTIONS	22-24
Accrual Basis	22
Going Concern	23
Consistency	24
QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS	25-46
Understandability	26
Relevance	27-30
Materiality	30
Reliability	31-38
Faithful Representation	33-34
Substance Over Form	35
Neutrality	36
Prudence	37
Completeness	38
Comparability	39-42
Constraints on Relevant and Reliable Information	43-45
Timeliness	43
Balance between Benefit and Cost	44
Balance between Qualitative Characteristics	45
True and Fair View	46
THE ELEMENTS OF FINANCIAL STATEMENTS	47-80
Financial Position	49-51
Assets	52-58
Liabilities	59-63
Equity	64-67
Performance	68-72
Income	73-76
Expenses	77-79
Capital Maintenance Adjustments	80
RECOGNITION OF THE ELEMENTS OF FINANCIAL STATEMENTS	81-97
The Probability of Future Economic Benefits	84
Reliability of Measurement	85-87
Recognition of Assets	88-89
Recognition of Liabilities	90
Recognition of Income	91-92
Recognition of Expenses	93-97
MEASUREMENT OF THE ELEMENTS OF FINANCIAL STATEMENTS	98-100
CONCEPTS OF CAPITAL AND CAPITAL MAINTENANCE	101-109
Concepts of Capital	101-102
Concepts of Capital Maintenance and the Determination of Profit	103-109

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