IFRS Conceptual Framework for Financial Reporting
E453769
The IFRS Conceptual Framework for Financial Reporting is a foundational document issued by the IASB that sets out the underlying concepts and principles guiding the preparation and presentation of financial statements under International Financial Reporting Standards.
Statements (51)
| Predicate | Object |
|---|---|
| instanceOf |
IFRS pronouncement
ⓘ
accounting framework ⓘ conceptual framework ⓘ |
| appliesTo |
IFRS financial statements
ⓘ
International Financial Reporting Standards NERFINISHED ⓘ |
| clarifies |
distinction between profit or loss and other comprehensive income
ⓘ
reporting entity concept ⓘ |
| classifiesQualitativeCharacteristics |
enhancing qualitative characteristics
ⓘ
fundamental qualitative characteristics ⓘ |
| defines |
capital and capital maintenance concepts
ⓘ
derecognition criteria ⓘ elements of financial statements ⓘ measurement concepts ⓘ objective of general purpose financial reporting ⓘ presentation and disclosure concepts ⓘ qualitative characteristics of useful financial information ⓘ recognition criteria ⓘ |
| governs |
preparation of financial statements under IFRS
ⓘ
presentation of financial statements under IFRS ⓘ |
| hasPurpose |
assist all parties to understand and interpret IFRS Standards
ⓘ
assist preparers in developing accounting policies when no IFRS Standard applies ⓘ assist the IASB in developing IFRS Standards ⓘ |
| identifiesElement |
asset
ⓘ
equity ⓘ expenses ⓘ income ⓘ liability ⓘ |
| identifiesPrimaryUsers |
existing and potential investors
ⓘ
lenders ⓘ other creditors ⓘ |
| includesConstraint | cost constraint on useful financial reporting ⓘ |
| includesEnhancingCharacteristic |
comparability
ⓘ
timeliness ⓘ understandability ⓘ verifiability ⓘ |
| includesFundamentalCharacteristic |
faithful representation
ⓘ
relevance ⓘ |
| includesMeasurementBasis |
current value
ⓘ
historical cost ⓘ |
| isNot |
IFRS Standard
NERFINISHED
ⓘ
override for specific IFRS requirements ⓘ |
| issuedBy |
IASB
NERFINISHED
ⓘ
International Accounting Standards Board NERFINISHED ⓘ |
| predecessor | Framework for the Preparation and Presentation of Financial Statements NERFINISHED ⓘ |
| recognitionConceptBasedOn |
faithful representation
ⓘ
relevance ⓘ |
| statesObjective | provide financial information about the reporting entity useful to existing and potential investors, lenders and other creditors ⓘ |
| usedBy |
IASB in setting IFRS Standards
ⓘ
auditors of IFRS financial statements ⓘ preparers of IFRS financial statements ⓘ users of IFRS financial statements ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.