What is the current status of the IASB Conceptual Framework?Please provide background, recent developments,...

50.1K

Verified Solution

Question

Accounting

What is the current status of the IASB Conceptual Framework?Please provide background, recent developments, current status, andanticipated activities both near and long-term.

Answer & Explanation Solved by verified expert

3.9 Ratings (750 Votes)

Answer1 The International Accounting Standards Board IASB issued its Framework for the Preparation and Presentation of Financial Statements in 1989 This is referred to as its conceptual frameworkThe framework sets out the concepts that shape the preparation and presentation of financial statements for external users The framework does not have the status of an accounting standard as also is the case with the Statement of Principles from the UK Accounting Standards Board ASB The IASB framework assists the IASB In the development of future International Financial Reporting Standards and in its review of existing International Accounting Standards and In promoting the harmonisation of regulations accounting standards and procedures relating presentation of financial statements by providing a basis for reducing the number of alternative accounting treatments permitted by international standards Background The Conceptual Framework had been left largely unchanged since its inception in 1989 In 2004 the IASB and the FASB decided to review and revise the conceptual framework however changed priorities and the slow progress in the project led to the project being abandoned in 2010 after only Phase A of See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingWhat is the current status of the IASB Conceptual Framework?Please provide background, recent developments, current...What is the current status of the IASB Conceptual Framework?Please provide background, recent developments, current status, andanticipated activities both near and long-term.