Page 5 - Finac1 Test 1 slides - 2. The Conceptual Framwork

THE CONCEPTUAL FRAMEWORK

Introduction

• The Conceptual Framework sets out the concepts that

underlie the preparation and presentation of financial

statements for external users

• The Conceptual Framework is not an IFRS and hence does

not define standards for any particular measurement or

disclosure issue

• Nothing in the Conceptual Framework overrides any

specific IFRS

• The International Accounting Standards Board (IASB) is

currently updating its conceptual framework in phases

• The IASB uses the Conceptual Framework to develop future

IFRSs and review existing IFRSs.

5