Nothing in this framework overrides any specific Thai Accounting Standard. In case where there is a conflict between the framework and a Thai Accounting Standard, the requirements of the Thai Accounting Standard prevail over those of the framework. The framework is concerned with general purpose financial statements including consolidated financial statements. Such financial statements are directed toward the common inform needs of a wide range of users. Special purpose financial reports are outside the scope of this framework.
Financial statements form part of the process of financial reporting.
A complete set of financial statements normally includes a balance sheet, an income statement, a statement of changes in financial position, and those notes and other statements and explanatory material that are an integral part of the financial statements. The users of financial statements include present and potential investors, employees, lenders, suppliers and other trade creditors, customers, governments and their agencies and the public. They use financial statements in order to satisfy some of their different needs for information. While all of the information needs of these users cannot be met by financial statements, there are needs which are common to all users. As investors are providers of risk capital to the enterprise, the provision of financial statements that meet their needs will also meet most of the needs of other users that financial statements can satisfy.