Page 13 - Finac1 Test 1 slides

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 issued

the revised Conceptual Framework for Financial
Reporting (Conceptual Framework), a comprehensive

set of concepts for financial reporting, in March 2018.

13