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The Conceptual Framework

Purpose and status of The

Framework

The purpose of The Framework is to:

 assist the IASB in the development of future IFRS Standards and in its review of
existing IFRS Standards;

 assist the IASB in promoting harmonisation of regulations, accounting
standards and procedures by reducing the number of alternative treatments
permitted by IFRS Standards;

 assist national standard-setting bodies in developing national standards;

 assist preparers of financial statements in applying IFRS Standards and in
dealing with topics that are not subject to an IFRS Standard;

 assist auditors in forming an opinion as to whether financial statements comply
with IFRS Standards;

 assist users of financial statements in interpreting the information contained in a
set of financial statements;

 provide those who are interested in the work of the IASB information about its
approach to the formulation of IFRS Standards.

The Framework is not an accounting standard and does not override the
requirements of any IFRS Standards.

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