The revised Conceptual Framework for Financial Reporting [Conceptual Framework] issued in March 2018 is effective immediately for the International Accounting Standards Board [Board] and the IFRS Interpretations Committee. For companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction, the revised Conceptual Framework is effective for annual reporting periods beginning on or after 1 January 2020, with earlier application permitted.
The Conceptual Framework sets out the fundamental concepts for financial reporting that guide the Board in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, so as to provide useful information for investors, lenders and other creditors.
The Conceptual Framework also assists companies in developing accounting policies when no IFRS Standard applies to a particular transaction, and more broadly, helps stakeholders to understand and interpret the Standards.
The 2018 revised Conceptual Framework sets out:
- the objective of general purpose financial reporting;
- the qualitative characteristics of useful financial information;
- a description of the reporting entity and its boundary;
- definitions of an asset, a liability, equity, income and expenses and guidance supporting these definitions;
- criteria for including assets and liabilities in financial statements [recognition] and guidance on when to remove them [derecognition];
- measurement bases and guidance on when to use them;
- concepts and guidance on presentation and disclosure; and
- concepts relating to capital and capital maintenance.
Conceptual Framework for Financial Reporting was issued by the International Accounting Standards Board in September 2010. It was revised in March 2018.
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Intro to Financial Accounting
Anonymous
Student 6 months ago What is the primary objective of financial reporting as indicated in the conceptual framework? a. Provide information that is useful to those making investing and credit decisions. b. Provide information that is useful to management. c. Provide information about those investing in the entity. d. All of these answer choices are correct
All replies
Expert Answer
6 months ago
The correct answer is
d. All of the answer choices are correct.
Explanation :
The primary objective of financial reporting is providing useful information which is helpful to the present and potential investors, the creditors, as well as other users. It helps them to make rational decisions. The conceptual framework basically is a document that sets the objectives for the general purpose of financial reporting.It is as important to the investment, credit decisions/investors as much to management because the financial reporting will help the management to make decisions based on the entity's financial position.
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