READING 31: FINANCIAL REPORTING STANDARDSFRAMEWORKU.S. GAAPIFRSSimilaritiesPurposeof FrameworkThe FASB framework resides lowerinhierarchy. Management is not required to prioritize it if no standard is available.Management is explicitly required to prioritize the IASB framework if there is no standard or interpretation available.Both the frameworks are similar in their purpose to assist in developing and assisting standards.Objectives of financial statementIt provides
