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the Role of the Conceptual Framework  on IFRS exam

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 chetan asked about 1 year ago

What is the Role of the Conceptual Framework  on IFRS exam ?

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 PRACHEETI answered about 1 year ago

  • Conceptual Framework sets out agreed concepts that underlie financial reporting – objective, qualitative characteristics, element definitions.
  • IASB uses Conceptual Framework to set standards – enhances consistency across standards – enhances consistency over time as Board members change – provides benchmark for judgements
  • Prepares use Conceptual Framework to develop accounting policies in the absence of specific standard or interpretation

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