comprehensive loss

Conceptual Framework for Financial Reporting

Conceptual Framework for Financial Reporting

The Conceptual Framework for Financial Reporting describes the objective of, and the concepts for, general purpose financial report. The International Accounting Standards Board (IASB)’s existing Conceptual Framework was developed by its predecessor body, the International Accounting Standards Committee, in 1989 (AASB, 2015). Although the existing Conceptual Framework has helped the IASB when developing International Financial Reporting Standards (IFRS):

  • Some important areas are not covered;
  • The guidance in some areas is unclear; and
  • Some aspects of the existing Conceptual Framework are out of date.

Consequently, in 2004 the IASB and the FASB initiated a joint project to revise their Conceptual Framework. The project was suspended in 2010 and restarted in 2012 (AASB, 2015). The objective of …

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