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:
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.