IASB Publishes Revised Conceptual Framework

The International Accounting Standards Board (IASB) has issued a revised Conceptual Framework for Financial Reporting (Conceptual Framework)

The revised version introduces a number of new aspects compared to the previous version issued in 2010, specifically including:

• concepts on measurement, including factors to be considered when selecting a measurement basis
• concepts on presentation and disclosure, including when to classify income and expenses in other comprehensive income
• guidance on when assets and liabilities are removed from financial statements

It also updates

• the definitions of asset and liability; and
• the criteria for recognising assets and liabilities in financial statements

Finally it has clarified the guidance on prudence, stewardship, measurement uncertainty, and substance over form.

Further information is available from the IASB;s web site here.