49 paragraphs found in SAC 1
Efficient allocation of resources is facilitated by ensuring that general purpose financial reports contain information of at least the minimum required quality. Accordingly, general purpose financial reports should be prepared in accordance with …
A number of alternative concepts of the reporting entity are implicit in existing legislation and regulations which specify the entities which should prepare general purpose financial reports. These concepts include the legal entity concept, which has …
The concepts referred to in paragraph 10 do not give adequate consideration to user needs in identifying the reporting entity. In the private sector it is possible that users exist in respect of reporting entities which are not legal entities and for …
This Statement adopts a concept of the reporting entity which is tied to the information needs of users and the nature of general purpose financial reports. The concept requires that individual reporting entities be identified by reference to the …
It should therefore be noted that the concept of the reporting entity adopted by this Statement is not dependent on the sector – public or private – within which the entity operates, the purpose for which the entity was created – business or …
The concept of the reporting entity and the identification of the boundaries of a reporting entity are related. For example: (a) if the concept of the reporting entity adopted was based on a class of legal entity (such as a company), this …
However, the concept of the reporting entity established by this Statement is one linked to the information needs of users of general purpose financial reports in making and evaluating resource allocation decisions. The provision of information for …
The disclosure of the resources that an entity has the capacity to deploy, and the results of their deployment, will assist users to determine the performance and financial position of the entity. Such information will assist users in making resource …
Accordingly, while in some instances a reporting entity will comprise an individual entity, in other instances a reporting entity will comprise a group of entities, some of which individually may be reporting entities. One of the entities within the …
For the purposes of this Statement, an individual would normally constitute an entity as defined in paragraph 6 . However, it should be noted that individuals with the capacity to deploy resources, but not in order to achieve their own objectives, will …