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The Conceptual Framework


 
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The Conceptual Framework

The Conceptual Framework for Financial Reporting 2010 underpins the preparation of financial statements. It presents the main ideas, concepts and principles upon which all International Financial Reporting Standards, and therefore financial statements, are based. It includes discussion of:

Framework Update

At present there is a long-term joint project in operation to update the the Framework. This will create a foundation for the development of future accounting standards that are principles based, internally consistent and internationally converged. Ultimately, it will replace the Framework for the Preparation and Presentation of Financial Statements which was first published in 1989. As this project progresses and individual chapters are approved, the new Conceptual Framework for Financial Reporting 2010 will be updated and the superseded provisions of the original Framework document will be deleted.

Phase A, which updated the objectives and qualitative characteristics of financial statements, was approved in September 2010. There are no significant changes to the underlying purposes and objectives of the Framework as established in the 1989. There has, however,  been an update to the qualitative characteristics of financial statements.

Created at 10/23/2012 11:17 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London
Last modified at 12/2/2013 11:45 AM  by System Account  (GMT) Greenwich Mean Time : Dublin, Edinburgh, Lisbon, London

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ACCAPEDIA - The Conceptual Framework