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Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards by Brandon Hanekom, Blaise Colyvas, Raymond Chamboko, Edwin Selbst, Tapiwa Njikizana, Danie Coetsee, Bruce Mackenzie

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Chapter 2CONCEPTUAL FRAMEWORK

  1. INTRODUCTION
  2. CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 2010
    1. Purpose and Status
    2. The Accounting Model
    3. The Objective of General-Purpose Financial Statements
    4. Qualitative Characteristics of Useful Financial Information
    5. The 1989 Framework: The Remaining Text
  3. CONCEPTUAL FRAMEWORK PROJECT
  4. HIERARCHY OF STANDARDS
  5. IFRS PRACTICE STATEMENT MANAGEMENT COMMENTARY
    1. Nature and Scope
    2. Principles
    3. Qualitative Characteristics
    4. Presentation
    5. Elements
  6. US GAAP COMPARISON

INTRODUCTION

The IASB inherited the IASC's Framework for the Preparation and Presentation of Financial Statements that was issued in July 1998. Like the other current conceptual frameworks among Anglo-Saxon standard setters, this derives mainly from the US conceptual framework.

IASB and FASB have been, since 2005, revisiting their respective conceptual frameworks to build on them by refining and updating them and developing them into a common framework that both can use in developing accounting standards. The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent, and internationally converged. The new framework builds on existing IASB and FASB frameworks. The IASB Framework is, for instance, relatively silent on measurement issues. The three paragraphs that address this matter merely mention that several different measurement bases are available and that historical cost is the most common.

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