ACCA FR (F7) - A Complete Course

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1. Purpose and Role of the Conceptual Framework

1. Purpose and Role of the Conceptual Framework

Mətn

The Conceptual Framework for Financial Reporting developed by the International Accounting Standards Board (IASB) serves as a foundational document that guides the development of International Financial Reporting Standards (IFRS). It does not override any specific standard but instead provides a coherent system of interrelated objectives and fundamentals that help ensure consistency in accounting standards and practices.

The main purpose of the Conceptual Framework is to:

  • Assist the IASB in the development and revision of IFRSs.

  • Help preparers develop consistent accounting policies when no specific standard applies.

  • Support all stakeholders (investors, regulators, analysts, and auditors) in understanding and interpreting financial statements prepared under IFRS.

It provides clarity on the objectives of general-purpose financial reporting, aiming to deliver financial information that is useful for decision-making, especially to existing and potential investors, lenders, and other creditors.

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