On 29 March 2018 the Board issued a comprehensive set of concepts for financial reporting, the revised Conceptual Framework for Financial Reporting (Conceptual Framework), replacing the previous version of the Conceptual Framework issued in 2010. The revised Conceptual Framework has an effective date of 1 January 2020—with earlier application permitted—for companies that use the Conceptual Framework to develop accounting policies when no IFRS Standard applies to a particular transaction. To assist companies with the transition, the Board issued a separate accompanying document Amendments to References to the Conceptual Framework in IFRS Standards. This document updates some references to previous versions of the Conceptual Framework in IFRS Standards, their accompanying documents and IFRS Practice Statements. Click here to view factsheet.
Please visit http://www.ifrs.org/news-and-events/2018/03/iasb-completes-revisions-to-its-conceptual-framework/ for additional information.
A live web presentations on the revised Conceptual Framework will be held on 18 April 2018 and will include an opportunity for participants to ask questions. Further information is available here.