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The Conceptual Framework for Financial Reporting

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The Conceptual Framework for Financial Reporting
Conceptual Framework

The Conceptual Framework for Financial Reporting
The Conceptual Framework was issued by the IASB in September 2010. It superseded the Framework for the Preparation and Presentation of Financial Statements.

©

IFRS Foundation

A21

Conceptual Framework

CONTENTS paragraphs FOREWORD

THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING
INTRODUCTION Purpose and status Scope CHAPTERS 1 2 3 4 The objective of general purpose financial reporting The reporting entity to be added Qualitative characteristics of useful financial information The Framework (1989): the remaining text Underlying assumption The elements of financial statements Recognition of the elements of financial statements Measurement of the elements of financial statements Concepts of capital and capital maintenance FOR THE ACCOMPANYING DOCUMENTS BELOW, SEE PART B OF THIS EDITION APPROVAL BY THE BOARD OF THE CONCEPTUAL FRAMEWORK 2010 BASIS FOR CONCLUSIONS ON CHAPTERS 1 AND 3 TABLE OF CONCORDANCE 4.1 4.2–4.36 4.37–4.53 4.54–4.56 4.57–4.65 QC1–QC39 OB1–OB21

A22

©

IFRS Foundation

Conceptual Framework

Foreword
The International Accounting Standards Board is currently in the process of updating its conceptual framework. This conceptual framework project is conducted in phases. As a chapter is finalised, the relevant paragraphs in the Framework for the Preparation and Presentation of Financial Statements that was published in 1989 will be replaced. When the conceptual framework project is completed, the Board will have a complete, comprehensive and single document called the Conceptual Framework for Financial Reporting. This version of the Conceptual Framework includes the first two chapters the Board published as a result of its first phase of the conceptual framework project—Chapter 1 The objective of general purpose financial reporting and Chapter 3 Qualitative characteristics of useful financial information. Chapter 2 will deal with the reporting entity concept. The Board published
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