{"id":565,"date":"2018-04-01T10:54:46","date_gmt":"2018-04-01T02:54:46","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=565"},"modified":"2018-07-07T10:59:06","modified_gmt":"2018-07-07T02:59:06","slug":"iasb-completes-revisions-to-its-conceptual-framework","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/04\/01\/iasb-completes-revisions-to-its-conceptual-framework\/","title":{"rendered":"IASB completes revisions to its Conceptual Framework"},"content":{"rendered":"<p class=\"hP\"><span style=\"color: #000000;\">On 29 March 2018, the International Accounting Standards Board (IASB) has issued a revised version of its <i>Conceptual Framework for Financial Reporting<\/i>. The <i>Conceptual Framework<\/i> sets out the fundamental concepts of financial reporting that guide IASB in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are treated the same way, providing useful information for investors and others.<\/span><\/p>\n<p><span style=\"color: #000000;\">The <em>Conceptual Framework <\/em>also assists companies in developing accounting policies when no IFRS Standard applies to a particular transaction; and it helps stakeholders more broadly to understand the Standards better.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">The revised <i>Conceptual Framework<\/i> includes a new chapter on measurement; guidance on reporting financial performance; improved definitions and guidance, particularly in the definition of a liability; and clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial reporting.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">The IASB will start using the revised <i>Conceptual Framework<\/i> immediately, whereas companies will use it from 2020.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">More details on the revised <i>Conceptual Framework<\/i> can be viewed from the International Financial Reporting Standards (IFRS) <a style=\"color: #000000;\" href=\"http:\/\/www.ifrs.org\/news-and-events\/2018\/03\/iasb-completes-revisions-to-its-conceptual-framework\/\" target=\"_blank\" rel=\"noopener\">website<\/a>.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">Source: <i>IFRS<\/i>, 1 April 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 29 March 2018, the International Accounting Standards Board (IASB) has issued a revised version of its Conceptual Framework for Financial Reporting. The Conceptual Framework sets out the fundamental concepts of financial reporting that guide IASB in developing IFRS Standards. It helps to ensure that the Standards are conceptually consistent and that similar transactions are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-565","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=565"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/565\/revisions"}],"predecessor-version":[{"id":566,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/565\/revisions\/566"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=565"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}