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The New Conceptual Framework for Financial Reporting 2010: FEATURED VIDEOS Powered by

Some Reflective Comments

Article (PDF Available) · July 2012 with 6,203 Reads 
Cite this publication

Swapan Kumar Bala

6.3 · University of Dhaka

Abstract
New neurons keep developing in the human brain until
at least our 90s Read More
A new Conceptual Framework for Financial Reporting, although in an incomplete shape, has been issued by the International Accounting
Standards Board (IASB) in September 2010. Having a status of the constitution of a standard-setting body, this Conceptual Framework
(CF) states the fundamental concepts in which the standards are rooted and that underlie the preparation of financial reports. This CF is to Advertisement
be used as a guide for developing future standards and reviewing existing standards. Due to a number of revised or new issues and as a
component of authoritative guidance of the IASB in the absence of any standards or interpretations, this CF is of high importance for all
the stakeholders of accounting and financial reporting. Since June 2008, the reporting framework as well as IFRSs (International Financial
Reporting Standards) issued by the IASB are mandatory for a listed company in Bangladesh, the CF has also significant compliance
implications. This paper has provided a comparative analysis of the new CF (2010) and the preceding Framework (1989) of the IASB to
grasp the extent of revisions. The paper has also analytically reviewed the new CF with some reflective implications towards future
direction of financial reporting.

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Independent Business Review (ISSN 1996-

1996-3572), Vol. 5, No. 2, July 2012

The New Conceptual Framework for Financial Reporting 2010:

Some Reflective Comments

Swapan Kumar Bala

University of Dhaka, Bangladesh.

ABSTRACT
A new Conceptual Framework for Financial Reporting, Reporting, although in an
incomplete shape, has been issued by the International Accounting
Standards Board (IASB) in September 2010. Having a status of the
constitution of a standard
standard-setting body, this Conceptual Framework (CF)
states the fundamental concepts
conc epts in which
w hich the standards are rooted and th that
at
underlie the preparation of financial reports. This CF is to be used as a
guide for developing future standards and reviewing existing standards. Due
to a number of revised or new issues and as a component of authoritative
guidance of the IASB in the absence of anyan y standards or
o r interpretations
interpretations,, this
CF is of high importan
importance
ce for all the stakeholders
sta keholders of accounting and
an d financial
reporting. Since June 2008, the reporting framework as well as IFRSs
(International Financial Reporting Standards) issued by the IASB are
mandatory for a listed company in Bangladesh, the CF has also significant
compliance implications. This paper has provided a comparative analysis of
the new CF (2010) and the preceding Framework (1989) of the IASB to
grasp the extent of revisions. Th
Thee paper has also analytically reviewed the
new CF with some ref reflective
lective implications towards future direction of
financial reporting.
Keywords: Conceptual Framework project, Conceptual Framework,
IFRSs, Concepts Statements.
INTRODUCTION
The Conceptual Framework (CF) delineates the basi basicc concepts that underlie the
preparation and presentation of financial statements for external users. The CF
serves a s a guide to the standard-setters in developing future standards and as a
guide to resolving accounting issues that are not addressed direc directly
tly in an
International Accounting Standard (IAS) or Internationa
Internationall Financial Reporting
Standard (IFRS) or Interpretations developed by the IFRS Interpretation
Interpretationss
Committee or the former Standing Interpretatio
Interpretations (SIC).1 In its 2003
ns Committee (SIC).

Citations (0) References (23)

Conceptual Framework. A presentation available at http://congress.iaaer.org/ program

Jan 2010
M Barth

Barth, M. (2010). Conceptual Framework. A presentation available at http://congress.iaaer.org/ program/1%20Conceptual%20Framework.pdf

(accessed 31.03.2012).

Utility Financial Reporting–A Look at the IASB/FASB Conceptual Framework, Fortnightly's Spark
Mar 2007 · 1-2

D Bjerke
Bjerke, D. (2007). Utility Financial Reporting–A Look at the IASB/FASB Conceptual Framework, Fortnightly's Spark, March: 1-2 and 9-13.

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