On 29 March 2018, the IASB published its revised Conceptual Framework. As well as updating some concepts to reflect changes to the standards in recent years, such as the definitions of assets and liabilities, the revised version provides guidance on issues that were touched on only briefly or not at all in previous versions, notably measurement bases and the presentation of financial performance.
Keywords: Mazars, Thailand, IFRS, IASB
16 May 2018
The new Conceptual Framework will not revolutionise current practice but will provide a more solid basis for it, although IFRS standards still take precedence.
The new Conceptual Framework is accompanied by amendments that update references to the Conceptual Framework in IFRSs.
Both documents are available to premium subscribers on the IFRS Foundation’s website.