What is the difference between fair presentation and compliance framework?

General purpose framework – A financial reporting framework designed to meet the common financial information needs of a wide range of users. The financial reporting framework may be a fair presentation framework or a compliance framework.

The term “fair presentation framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework and:

  1. Acknowledges explicitly or implicitly that, to achieve fair presentation of the financial report, it may be necessary for management to provide disclosures beyond those specifically required by the framework; or
  2. Acknowledges explicitly that it may be necessary for management to depart from a requirement of the framework to achieve fair presentation of the financial report. Such departures are expected to be necessary only in extremely rare circumstances.

The term “compliance framework” is used to refer to a financial reporting framework that requires compliance with the requirements of the framework, but does not contain the acknowledgements in (i) or (ii) above.[6]

Financial statements are meant to fairly present the financial position, financial performance and cash flows of an entity. Fair presentation requires the faithful representation of the effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income and expenses set out in the IASB’s Framework for the Preparation and Presentation of Financial Statements. The application of IFRS, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation (IAS 1:15).

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The HHS regulations for the protection of human subjects in research at 45CFR 46 include five subparts. Subpart A, also known as the Common Rule, provides a robust set of protections for research subjects; subparts B, C, and D provide additional protections for certain populations in research; and subpart E provides requirements for IRB registration. The Common Rule, subpart A, was revised in recent years. Access the regulatory language for all of the subparts using the links below. In addition, OHRP provides an annotated version of the Common Rule that highlights changes between the pre-2018 and 2018 versions of the Common Rule.

2018 Requirements (2018 Common Rule)

Exemptions (2018 Requirements)

Subpart B Additional protections for research with pregnant women and fetuses

Subpart C Additional protections for research with prisoners

Subpart D Additional protections for research with children

Subpart E Requirements for IRB registration

List of Expedited Categories (1998)

Annotated Comparison of the Pre-2018 and the 2018 Requirements

In general, research initiated before January 21, 2019 continues to comply with the pre-2018 Common Rule unless the institution chose to transition it to the revised Common Rule.

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The number of American households that were unbanked last year dropped to its lowest level since 2009, a dip due in part to people opening accounts to receive financial assistance during the pandemic, a new report says.  

Roughly 4.5% of U.S. households – or 5.9 million – didn't have a checking or savings account with a bank or credit union in 2021, a record low, according to the Federal Deposit Insurance Corporation's most recent survey of unbanked and underbanked households. 

Roughly 45% of households that received a stimulus payment, jobless benefits or other government assistance after the start of the pandemic in March, 2020 said those funds helped compel them to open an account, according to the biennial report which has been conducted since 2009.

"Safe and affordable bank accounts provide a way to bring more Americans into the banking system and will continue to play an important role in advancing economic inclusion for all Americans,'' FDIC acting chairman Martin J. Gruenberg said in a statement.  

A lack of banking options delayed some households from getting federal payments aimed at helping the country weather the economic fallout from the COVID-19 health crisis.

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The FDIC initiated an educational campaign to get more Americans to open an account to enable the direct deposit of those funds. And banks such as Capital One and Ally Financial ended  overdraft and other fees that have been a key barrier to some Americans accessing the banking system. 

What does it mean to be unbanked?

A household is deemed unbanked when no one in the home has an account with a bank or credit union. That share of households has dropped by nearly half since 2009. And since 2011, when 8% of U.S. households were unbanked, the highest since the start of the survey, and the record low reached in 2021, roughly half of the drop was due to a shift in the financial circumstances of American households the FDIC says.

Who are the underbanked?

A bank manager helps a woman open up a new account.

Those who have a checking or savings account, but also use financial alternatives like check cashing services are considered underbanked. The underbanked represented 14% of U.S. households, or 18.7 million, last year.   

Why are people unbanked or underbanked?

Many of those who are unbanked say they can't afford to have an account because of the fees for insufficient funds and overdrafts that are tacked on when account balances fall short. Roughly 29% said fees or not having the required minimum balance were the primary reasons they didn't have a checking or savings account, as compared to 38% who cited those obstacles in 2019.

Are some groups more likely to be unbanked? 

The numbers of the unbanked were greater among households that included those who were working age and disabled, lower income, included a single mother, or were Black or Hispanic. Among white households for instance, 2% didn't have a bank account last year as compared to 11% and 9% of their Black and Hispanic counterparts.

Meanwhile, nearly 15% of households with a working age member who had a disability were unbanked compared to almost 4% of other households. And  nearly 16% of households with a single mother were unbanked as compared to about 2% of married couples who lacked an account. 

 "These gaps attest there's still a lot of opportunity to expand participation across the population in the banking system,'' Keith Ernst, Associate Director of Consumer Research and Examination Analytics at the FDIC, said during a media call about the report.            

Will the number of unbanked rise if the U.S. has a recession? 

Perhaps.

"During the last recession unbanked rates did indeed go up,'' Karyen Chu, chief of the Banking Research Section at the Center for Financial Research, said during the call. 

Additionally, last year, homes where the head of household was out of work were nearly five times more likely to not have a bank account as compared to those where the household head was employed.

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"To the extent that income goes down ... that has generally been associated with increases in unbanked rates,’’ Chu said. 

What is fair presentation framework and compliance framework?

A fair presentation framework is a financial reporting framework that requires compliance with the specific requirements of the applicable financial reporting framework and acknowledges that, to achieve fair presentation, it may be necessary for management to: provide disclosure beyond these requirements, or.

Is IFRS a fair presentation framework or compliance framework?

Requirement for fair presentation The application of IFRS, with additional disclosure when necessary, is presumed to result in financial statements that achieve a fair presentation (IAS 1:15).

What is fair presentation and compliance with IFRS?

IAS 1, the meaning of 'fair presentation' is explained: 'fair presentation requires the faithful representation' of effects of transactions in accordance with definitions and recognition criteria set out in the Framework. Compliance with IFRSs results, 'in virtually all circumstances' in 'fair presentation'.

What is a compliance framework?

A compliance framework is a structured set of guidelines that details an organization's processes for maintaining accordance with established regulations, specifications or legislation.