United States

IASB revises its Conceptual Framework


The International Accounting Standards Board recently issued a revised version of its Conceptual Framework for Financial Reporting. The revised Conceptual Framework includes:

  • A new chapter on measurement
  • Guidance on reporting financial performance
  • Improved definitions – in particular the definition of a liability
  • Clarifications in areas such as the roles of stewardship, prudence and measurement uncertainty in financial reporting