Page 3 - PowerPoint Presentation
P. 3

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.




                                                                                                                                       3
   1   2   3   4   5   6   7   8