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Frameworks
The Conceptual Framework
1.1 Background and purpose
The Conceptual Framework for Financial Reporting (the Framework) is a set of
principles from which International Financial Reporting Standards draw.
Some of the key purposes of the Framework are:
to assist the International Accounting Standards Board (the Board) when
developing new standards
to help national standard setters develop new standards
to provide guidance on issues not covered by IFRS Standards
to assist auditors.
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