Summary of main aspects of the Conceptual Framework
The 2018 Conceptual Framework is structured into an introductory explanation on the status and purpose of the Conceptual Framework, eight chapters, and a glossary:
Chapter |
Topic |
|
Status and purpose of the Conceptual Framework |
1 |
The objective of general purpose financial reporting |
2 |
Qualitative characteristics of useful financial information |
3 |
Financial statements and the reporting entity |
4 |
The elements of financial statements |
5 |
Recognition and derecognition |
6 |
Measurement |
7 |
Presentation and disclosure |
8 |
Concepts of capital and capital maintenance |
Appendix A |
Glossary |
Review our Global IAS Plus page for a summary of the key content of each chapter.
The Conceptual Framework does not have a stated effective date and the Board will start using it immediately.
References to the Conceptual Framework
Together with the revised Conceptual Framework, the Board has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to IFRS 2, IFRS 3, IFRS 6, IFRS 14, IAS 1, IAS 8, IAS 34, IAS 37, IAS 38, IFRIC 12, IFRIC 19, IFRIC 20, IFRIC 22, and SIC-32. Not all amendments, however update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. Some pronouncements are only updated to indicate which version of the framework they are referencing to (the IASC framework adopted by the Board in 2001, the IASB framework of 2010, or the new revised framework of 2018) or to indicate that definitions in the standard have not been updated with the new definitions developed in the revised Conceptual Framework.
The amendments, where they actually are updates, are effective for annual periods beginning on or after January 1, 2020.
Additional information
The Board also announced that on April 18, 2018, there will be two live web presentations to introduce the revised Conceptual Framework. Please click for more information and registration on the Board's website.