49 paragraphs found in SAC 1
Statements of Accounting Concepts and Accounting Standards are applicable to all entities which prepare general purpose financial reports. It is sometimes proposed that certain entities should be permitted to depart from all or certain of these …
Bases that have been proposed for identifying the entities which should be permitted to depart from these Statements and Standards are: (a) the size of the entity – that is, entities classed as small in relation to certain size benchmarks, …
In this Statement the need to prepare general purpose financial reports is linked to the existence of users dependent on those reports as a basis for making and evaluating resource allocation decisions. The existence of users dependent on general …
As paragraphs 24 to 28 outline, it is likely that some types of entities will be identified as reporting entities by this Statement, while others will not. Accordingly, in most instances the following private sector entities are unlikely to be required …
The following concepts shall be interpreted in the context of paragraphs 1 to 37 of this Statement. …
Paragraph 6 (definitions) shall be read as forming part of the accounting concepts set out in this Statement. …
Reporting entities are all entities (including economic entities) in respect of which it is reasonable to expect the existence of users dependent on general purpose financial reports for information which will be useful to them for making and evaluating …
Reporting entities shall prepare general purpose financial reports. Such reports shall be prepared in accordance with Statements of Accounting Concepts and Accounting …
Statement of Accounting Concepts SAC 2 “Objective of General Purpose Financial Reporting” states that general purpose financial reports are prepared to provide users with information about the reporting entity which is useful for making and evaluating …
Financial reports which meet the objective of general purpose financial reporting are general purpose financial reports. General purpose financial reports should be prepared when there exists, in relation to an entity, users whose information needs have …