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Annual improvements – IAS 1 amendments to reflect the Conceptual Framework

Date recorded:

Amendments to IAS 1 to reflect the Conceptual Framework

With the issuance of the Conceptual Framework in September 2010, there are portions of IAS 1 that are based on superseded guidance from the Framework.

The first issue relates to the objective of financial reporting as the Conceptual Framework describes while IAS 1 discusses the objective of financial statements. The Board tentatively agreed to amend IAS 1 to reflect that the objective of financial statements should be replaced with the objective of financial reporting.

The second issue relates to the definition of understandability in IAS 1. The Board tentatively agreed updating the definition of understandability in IAS 1 to be consistent with the definition included in the Conceptual Framework.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.