Revised Conceptual Framework for Financial Reporting

Tags: IFRS

IASB issued a revised version of its Conceptual Framework for Financial Reporting that underpins IFRS Standards on 29 March 2018.

The Conceptual Framework sets out the fundamental concepts of financial reporting.

The revised Conceptual Framework includes:

  • a new chapter on measurement;
  • guidance on reporting financial performance;
  • improved definitions and guidance - in particular the definition of a liability;
  • clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial reporting.

IASB will start using the revised Conceptual Framework immediately. For companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction, the revised Conceptual Framework is effective for annual reporting periods beginning on or after 1 January 2020, with earlier application permitted.

IASB has also issued Basis for Conclusions to the revised Conceptual Framework.

 

Relatert

Oppslag

Better Communication in Financial Reporting

Kilder

Conceptual Framework for Financial Reporting (2018)

Conceptual Framework for Financial Reporting - Basis for Conclusions

The Conceptual Framework for Financial Reporting (2010)


Ønsker du tilgang
til dette innholdet?

Prøv dib i 1 uke

Prøv dib nå

Vi sender deg også gjerne et uforpliktende tilbud.

Har du ikke dib?

Prøv dib nå   Be om tilbud