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IASB publishes revised Conceptual Framework

  • IASB document Image

Mar 29, 2018

The IASB has published its revised "Conceptual Framework for Financial Reporting." The purpose of the Conceptual Framework is to "(a) assist the [IASB] to develop IFRS Standards (Standards) that are based on consistent concepts; (b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policy; and (c) assist all parties to understand and interpret the Standards."

The revised framework includes a new chapter on measurement, guidance on reporting financial performance, improved definitions and guidance, and clarifications on important topics (e.g., the roles of stewardship, prudence, and measurement uncertainty in financial reporting).

The IASB has also issued amendments that update references to the framework in certain standards. The amendments are effective for annual periods beginning on January 1, 2020.

The revised Conceputal Framework is available on the IASB's eIFRS Web site (subscription required). Also see the following:

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