Franked and Neutrality: Difference between pages

Revision as of 21:46, 24 March 2023

Financial reporting - accounting concepts.

In financial reporting, neutrality means avoiding bias of any kind.

Under the IFRS Conceptual Framework, neutrality is an essential component of 'faithful representation'.

In turn, a neutral representation is supported by prudence.

@@ Line 1: / Line 1: @@
-. ''Tax''.
+''Financial reporting - accounting concepts.''
-In relation to income, franked income is income which has already been subject to tax, for example corporation tax paid by a dividend-paying company, and this payment is recognised in taxing the franked income received.
+In financial reporting, neutrality means avoiding bias of any kind.
-. ''Money laundering''.
+Under the IFRS Conceptual Framework, neutrality is an essential component of 'faithful representation'.
-In relation to money laundering, franked (or clean) money is money which has been derived from legitimate sources.
+In turn, a neutral representation is supported by prudence.
-:<span style="color:#4B0082">'''''Making illegal gains look clean'''''</span>
-:"Money laundering is an activity that takes place following a criminal act... to make illegal monetary gains look like franked - or clean - money, which the criminal can then use safely and without detection."
-:''The Treasurer, August 2018, p36.''
 == See also ==
-* [[Corporation Tax]]
+* [[Accruals accounting]]
-* [[Dividend]]
+* [[Conceptual framework]]
-* [[Imputation system]]
+* [[Faithful representation]]
-* [[Money laundering]]
+* [[Financial reporting]]
+* [[Neutral]]
+* [[Prudence]]
+* [[Relevance]]
+* [[Substance over form]]
+* [[Useful financial information]]
-[[Category:The_business_context]]
+[[Category:Accounting,_tax_and_regulation]]