The New IFRS Conceptual Framework – A Closer Look

Far from revolutionising the IFRS landscape, the new Conceptual Framework clarifies, redefines and supplements the existing version, re-examining the argument in the light of the fundamental characteristics of the financial statements and cost-benefit constraints.

Keywords: Mazars, Thailand, IFRS, IASB, Publication

7 June 2018

The Conceptual Framework consists of eight chapters and an extensive Basis for Conclusions. The introduction explains that its purpose is to:

  • assist the IASB to develop and revise its standards;
  • assist entities to develop consistent accounting policies when no standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy; and
  • assist all stakeholders to understand and interpret the standards.

The report is completely free of charge to you. Simply click on the link below to download your copy.