IASB finishes revising conceptual framework

Posted 3/30/2018

The International Accounting Standards Board issued a revised version of its Conceptual Framework for Financial Reporting, underpinning International Financial Reporting Standards. The revised framework includes a new chapter on measurement; guidance on reporting financial performance; improved definitions and guidance - such as a definition of a liability;and clarifications in important areas, such as the roles of stewardship, prudence and measurement uncertainty in financial reporting.

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