On 29 March 2018, the International Accounting Standards Board (IASB) published its revised 'Conceptual Framework for Financial Reporting'. The new Conceptual Framework does not constitute a substantial revision of the document as was originally intended when the project was first taken up in 2004. Instead the IASB focused on topics that were not yet covered or that showed obvious shortcomings that needed to be dealt with.
Included are revised definitions of an asset and a liability as well as new guidance on measurement and derecognition, presentation and disclosure. The Conceptual Framework does not have a stated effective date and the Board will start using it immediately.
Together with the revised Conceptual Framework, the IASB has also issued Amendments to References to the Conceptual Framework in IFRS Standards. The document contains amendments to 14 standards and interpretations. The amendments are effective for annual periods beginning on or after 1 January 2020.
We will bring more information about new Conceptual Framework in the next issue of our Accounting News.
The article is part of dReport – May 2018, Accounting news
Seminars, webcasts, business breakfasts and other events organized by Deloitte.
