Conceptual Framework for Financial Reporting

E453779

International Accounting Standards Board publication accounting conceptual framework

The Conceptual Framework for Financial Reporting is a foundational document issued by the IASB that sets out the underlying concepts and principles guiding the development, interpretation, and application of International Financial Reporting Standards.

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Statements (50)

Predicate	Object
instanceOf	International Accounting Standards Board publication ⓘ accounting conceptual framework ⓘ
acknowledges	cost constraint on useful financial reporting ⓘ trade-off between relevance and faithful representation ⓘ
appliesTo	general purpose financial statements ⓘ
associatedWith	International Financial Reporting Standards NERFINISHED ⓘ
author	International Accounting Standards Board NERFINISHED ⓘ
defines	concepts of capital and capital maintenance ⓘ derecognition criteria for financial statement elements ⓘ elements of financial statements ⓘ measurement bases for financial reporting ⓘ objective of general purpose financial reporting ⓘ presentation and disclosure concepts ⓘ qualitative characteristics of useful financial information ⓘ recognition criteria for financial statement elements ⓘ reporting entity ⓘ
doesNotOverride	requirements of individual IFRS Standards ⓘ
emphasizes	accrual basis of accounting ⓘ decision usefulness of financial information ⓘ going concern assumption ⓘ
governs	application of International Financial Reporting Standards ⓘ development of International Financial Reporting Standards ⓘ interpretation of International Financial Reporting Standards ⓘ
includesConcept	comparability ⓘ faithful representation ⓘ relevance ⓘ timeliness ⓘ understandability ⓘ verifiability ⓘ
includesElement	asset ⓘ equity ⓘ expenses ⓘ income ⓘ liability ⓘ
jurisdiction	international ⓘ
language	English ⓘ
provides	basis for consistent development of IFRS Standards ⓘ guidance when no specific IFRS Standard applies ⓘ
publisher	International Accounting Standards Board NERFINISHED ⓘ
replaced	Framework for the Preparation and Presentation of Financial Statements NERFINISHED ⓘ
revisedVersionIssued	March 2018 ⓘ September 2010 ⓘ
scope	for-profit entities ⓘ
statesObjective	to provide financial information about the reporting entity that is useful to existing and potential investors, lenders and other creditors ⓘ
usedBy	IASB standard-setters ⓘ IFRS Interpretations Committee NERFINISHED ⓘ auditors ⓘ preparers of financial statements ⓘ regulators ⓘ users of financial statements ⓘ

Referenced by (1)

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International Financial Reporting Standards → governedBy → Conceptual Framework for Financial Reporting ⓘ