concepts of capital and capital maintenanceĬhapter 1: The Objective of general purpose financial reporting.financial statements and the reporting entity.qualitative characteristics of useful financial information.the objective of general purpose financial reporting.If the IASB decides to issue a new or revised pronouncement that is in conflict with the Framework, the IASB must highlight the fact and explain the reasons for the departure in the basis for conclusions. The Framework is not a Standard and does not override any specific IFRS. This elevation of the importance of the Framework was added in the 2003 revisions to IAS 8. In making that judgement, IAS 8.11 requires management to consider the definitions, recognition criteria, and measurement concepts for assets, liabilities, income, and expenses in the Framework. In the absence of a Standard or an Interpretation that specifically applies to a transaction, management must use its judgement in developing and applying an accounting policy that results in information that is relevant and reliable. The Framework's purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, to help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and to assist all parties to understand and interpret IFRS. Status and purpose and status of the Framework Please note that we are in the process of updating this page. Framework for the Preparation and Presentation of Financial Statements (the Framework) was approved by the IASC BoardĬonceptual Framework for Financial Reporting 2010 approved by the IASBĬonceptual Framework for Financial Reporting 2018 (the Framework) publishedĪmendments under consideration by the IASB
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