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Definitions F

Fair presentation framework to Further procedures

Term

Definition

Fair presentation framework (see Applicable financial reporting framework and General purpose framework)
Financial forecast  financial information of a predictive character prepared based on assumptions made by the entity as to future events, expected to take place on the dates described, and the actions expected to be taken at the date the financial information is prepared.
Financial information 

information of a financial nature prepared by the responsible party in the form of:

(i) base financial information;

(ii) historical financial information;

(iii) pro forma historical financial information;

(iv) prospective financial information; or

(v) a pro forma forecast.

Financial information (in the context of ASRS 4450) information of a historical or pro forma financial nature that is the subject matter of the comfort letter.
Financial report for purposes of the Corporations Act 2001, financial statements for the year or the half-year, and notes to the financial statements, and the director’s declaration about the statements and notes.
  
Financial report means, for purposes other than the Corporations Act 2001, a complete set of financial statements and an assertion statement by those responsible for the financial report.
Financial report (in the context of ASRE 2400)  a complete set of financial statements, including the related notes, and an assertion statement by those responsible for the financial report.
Financial report (in the context of ASRE 2410)  a complete set of financial statements, including the related notes, and an assertion statement by those responsible for the financial report. The related notes ordinarily comprise a summary of significant accounting policies and other explanatory information. The requirements of the applicable financial reporting framework determine the form and content of the financial report. For example, a financial report, as defined under section 303 of the Corporations Act 2001 consists of financial statements for the half year, notes to the financial statements and the director’s declaration about the statements and notes. 
Financial report (in the context of ASRE 2415)  a financial report for a financial year. A financial report for a financial year may be for a period that is greater than or less than 12 months.
Financial statements  a structured representation of historical financial information, including disclosures, intended to communicate an entity’s economic resources or obligations at a point in time, or the changes therein for a period of time, in accordance with a financial reporting framework. The term “financial statements” ordinarily refers to a complete set of financial statements as determined by the requirements of the applicable financial reporting framework, but can also refer to a single financial statement. Disclosures comprise explanatory or descriptive information, set out as required, expressly permitted or otherwise allowed by the applicable financial reporting framework, on the face of a financial statement, or in the notes, or incorporated therein by cross reference. 
Financial statements (in the context ASA 800)  a complete set of special purpose financial statements. The requirements of the applicable financial reporting framework determine the presentation, structure, and content of the financial statements, and what constitutes a complete set of financial statements. Reference to “special purpose financial statements” includes the related disclosures.
Financial statements (in the context of ASRE 2400)  a complete set of financial statements or a financial report.
Firm a sole practitioner, partnership or corporation or other entity of assurance practitioners.  “Firm” should be read as referring to a public sector equivalent where relevant.
Forecast (see Prospective financial information)
Fraud an intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage.
Fraud risk factors events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud.
Fraudulent financial reporting financial reporting involving intentional misstatements, including omissions of amounts or disclosures in a financial report, to deceive financial report users.
Further procedures  procedures performed in response to assessed risks of material misstatement, including tests of controls (if any), tests of details and analytical procedures.