Implementation of Ias in Bangladesh

Only available on StudyMode
  • Download(s) : 66
  • Published : January 9, 2013
Open Document
Text Preview
28 September 2010
Changes in Conceptual Framework
Framework (1989): Framework for the Preparation and Presentation of Financial Statements (the Framework) was published by IASC in July 1989 and adopted by the IASB in April 2001. Conceptual Framework 2010: Conceptual Framework for Financial Reporting 2010 (the IFRS Framework) approved by the IASB in September 2010 and thus, the Framework (1989) withdrawn to the extent of coverage similar to the IFRS Framework (2010).

|Framework (1989) |Conceptual Framework 2010 | |QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS |QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION | |Understandability |Fundamental qualitative characteristics | |Relevance |Relevance | |Materiality |Materiality | |Reliability |Faithful representation [completeness, neutrality and free from error] | |Faithful representation |Applying the fundamental qualitative characteristics | |Substance over form |Enhancing qualitative characteristics | |Neutrality |Comparability | |Prudence |Verifiability | |Completeness |Timeliness | |Comparability |Understandability | | |Applying the enhancing characteristics | |Constraints on relevant and reliable information |THE COST CONSTRAINT ON USEFUL FINANCIAL REPORTING | |Timeliness |[Balance between benefit and cost] | |Balance between benefit and cost | | |Balance between qualitative characteristics | | |True and fair view/fair presentation | |

| |Framework (1989) |Conceptual Framework 2010 | |Title |The objective of financial statements |The objective of general purpose financial reporting | |Content |The objective of financial statements is to |The objective of general purpose financial reporting is to | | |provide information about the financial |provide financial information about the reporting entity | | |position, performance and changes in financial |that is useful to existing and potential investors, lenders | | |position of an entity that is useful to a wide |and other creditors in making decisions about providing | | |range of users in making economic decisions. |resources to the entity. Those decisions involve buying, | | |[para 12] |selling or holding equity and debt instruments, and | |...
tracking img