Difference between revisions of "Reporting Entity"
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== Definition == | == Definition == | ||
| − | '''Reporting Entity''' is | + | '''Reporting Entity''' is any business entity that is engaging in [[Financial Reporting]] according to some [[Financial Reporting Standards]]. |
| + | |||
| + | * A reporting entity is an entity that is required, or chooses, to prepare [[Financial Statements]] | ||
| + | * A reporting entity can be a single entity or a portion of an entity or can comprise more than one entity (consolidated reporting) | ||
| + | * A reporting entity is typically but not necessarily a [[Legal Entity]] | ||
| + | |||
| + | == Issues and Challenges == | ||
| + | * Determining the "boundary" of a reporting entity can be difficult if the reporting entity is not a legal entity and/or does not comprise only legal entities linked by a parent-subsidiary relationship | ||
[[Category:Accounting]] | [[Category:Accounting]] | ||
Latest revision as of 16:48, 6 September 2021
Definition
Reporting Entity is any business entity that is engaging in Financial Reporting according to some Financial Reporting Standards.
- A reporting entity is an entity that is required, or chooses, to prepare Financial Statements
- A reporting entity can be a single entity or a portion of an entity or can comprise more than one entity (consolidated reporting)
- A reporting entity is typically but not necessarily a Legal Entity
Issues and Challenges
- Determining the "boundary" of a reporting entity can be difficult if the reporting entity is not a legal entity and/or does not comprise only legal entities linked by a parent-subsidiary relationship
