Wiley Interpretation and Application of IFRS Standards

2 CONCEPTUAL FRAMEWORK

• Introduction
• Conceptual Framework for Financial Reporting 2018
  • Structure
  • Status and Purpose
  • 1. The Objective of General Purpose Financial Reporting
  • 2. Qualitative Characteristics of Useful Financial Information
  • 3. Financial Statements and the Reporting Entity
  • 4. The Elements of Financial Statements
  • 5. Recognition and Derecognition
  • 6. Measurement
  • 7. Presentation and Disclosure
  • 8. Concepts of Capital and Capital Maintenance
• Conceptual Framework for Financial Reporting 2010
  • Purpose and Status
  • The Accounting Model
  • The Objective of General-Purpose Financial Statements
  • Qualitative Characteristics of Useful Financial Information
  • The 1989 Framework: The Remaining Text
• Hierarchy of Standards
• IFRS Practice Statement 1 – Management Commentary
  • Nature and Scope
  • Principles
  • Qualitative Characteristics
  • Presentation
  • Elements
• Future Developments
  • IFRS Practice Statement 1 – Management Commentary
• US GAAP Comparison

INTRODUCTION

At its formation, the IASB inherited the IASC’s Framework for the Preparation and Presentation of Financial Statements, which was issued in July 1998. As for a number of other standard setters, this derived largely from the US conceptual framework.

From 2005, IASB and FASB worked on revisiting their respective conceptual frameworks to build on them by refining and updating them and developing them into a common framework, which both can use in developing accounting standards. The objective of the conceptual framework project was to ...