On or about 14 January 2019, the Accounting Standards Council (ASC) issued a revised Conceptual Framework for Financial Reporting and new/revised/amendments to SFRS(I)s up to 31 December 2019 which are effective for annual reporting periods beginning after 1 January 2019, which is based on a comprehensive set of concepts for financial reporting, the revised Conceptual Framework for Financial Reporting (Conceptual Framework) issued by the International Accounting Standards Board (IASB) in March 2018.
The revised Conceptual Framework issued by IASB has an effective date of 1 January 2020 — with earlier application permitted — for companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction. To assist companies with the transition, the IASB issued a separate accompanying document Amendments to References to the Conceptual Framework in IFRS Standards. This document updates some references to previous versions of the Conceptual Framework in IFRS Standards, their accompanying documents and IFRS Practice Statements.
To receive any further updates on the Conceptual Framework, please refer to IFRS website.
Source: ASC, 14 January 2019