2 CONCEPTUAL FRAMEWORK

INTRODUCTION

At its formation, the IASB inherited the IASC’s Framework for the Preparation and Presentation of Financial Statements, which was issued in July 1998. As for a number of other standard setters, this derived largely from the US conceptual framework.

From 2005, IASB and FASB worked on revisiting their respective conceptual frameworks to build on them by refining and updating them and developing them into a common framework, which both can use in developing accounting standards. The objective of the conceptual framework project was to ...

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