Conceptual Framework The conceptual base for all standards The conceptual base for all standards Approved 1989 - Needs an overhaul Approved 1989 - Nee
{"Image DocumentName": "Conceptual Framework The conceptual base for all standards", "Image ImageDescription": "Approved Needs an overhaul. Refine, update, complete, converge. IASB / FASB joint project. Must not stop normal development. Interaction between standards and framework. The IASB Framework sets out the concepts that underlie the preparation and presentation of general purpose financial statements for external users. An important purpose of the Framework is to help the Board when developing new IFRSs or revising existing IFRSs. [IASB Framework, paragraph 1] In October 2004, the IASB and FASB added to their respective agendas a joint project to develop a common conceptual framework\u2014a single framework that converges and improves upon the existing frameworks of the two Boards. Therefore, the aim is to build on those frameworks, rather than start from scratch. The improvements will include both improving the existing contents and filling in the gaps in the present frameworks. (For example, both frameworks lack measurement concepts and concepts for presentation & disclosure.) Standards-level projects will interact with the Conceptual Framework project in two ways: Some standards-level projects include conceptual issues (eg revenue recognition) and therefore ideas developed in these projects will provide input to the Conceptual Framework project. Ideas developed in the Conceptual Framework project will provide input into related standards-level projects. However, that interaction is not automatic. For example, sometimes concepts cannot be applied at the standards-level, eg for practical reasons.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}