Wiley 2022 Interpretation and Application of IFRS Standards

2CONCEPTUAL FRAMEWORK

• Introduction
• Conceptual Framework for Financial Reporting 2018
  • • Structure
  • Status and Purpose
  • 1. The Objective of General‐PurposeFinancial Reporting
  • 2. Qualitative Characteristics of Useful Financial Information
  • 3. Financial Statements and the Reporting Entity
  • 4. The Elements of Financial Statements
  • 5. Recognition and Derecognition
  • 6. Measurement
  • 7. Presentation and Disclosure
  • 8. Concepts of Capital and Capital Maintenance
• Hierarchy of Standards
• IFRS Practice Statement 1—Management Commentary
  • • Nature and Scope
  • Principles
  • Qualitative Characteristics
  • Presentation
  • Elements
• Future Developments
• US GAAP Comparison

INTRODUCTION

In March 2018 the IASB completed the project with the issue of its revised Conceptual Framework for Financial Reporting (the 2018 framework).

The IASB and IFRS Interpretations Committee started using the 2018 framework in developing and revising standards and interpretations immediately after it was issued. To assist transition from the 2010 framework for preparers of financial statements who develop accounting policies by reference to the conceptual framework, the IASB has set a general effective date for the 2018 framework of accounting periods commencing on or after January 1, 2020, although earlier use is permitted.

CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2018

Structure

The 2018 framework consists of an introduction setting the status and purpose of the framework, and eight chapters as follows:

1. The Objective ...