Abstract
The IASB’s Framework for the Preparation and Presentation of Financial Statements is a very useful document in that it sets out the IASB’s approach to financial reporting. The full text of the Framework is presented in the annex. Its very first sentence reads: ‘This Framework sets out the concepts that underlie the preparation and presentation of financial statements.’ The use of the word ‘concept’ indicates that the IASB’s Framework is an example of a general category of constructs known as conceptual frameworks. Other examples are:
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■ USA: The FASB’s conceptual framework, which is set out in seven Statements of Financial Accounting Concepts. The first six statements were issued between 1978 and 1985. However in 2000, after a gap of 15 years, the FASB expanded its framework by issuing a seventh statement, which indicates that conceptual frameworks are now a very topical matter
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■ Canada: The CICA’s report Corporate Reporting: Its Future Evolution published in 1980 (CICA, 1980)
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■ Australia: The ASRB’s three Statements of Accounting Concepts published in 1990
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■ UK: The ASB’s Statement of Principles for Financial Reporting published in 1999 (ASB, 1999)
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References
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© 2002 John Flower
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Flower, J., Ebbers, G. (2002). The IASB’s Framework. In: Global Financial Reporting. Palgrave, London. https://doi.org/10.1007/978-1-137-10538-7_13
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DOI: https://doi.org/10.1007/978-1-137-10538-7_13
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