IFRS News

Issue 80 - IFRS News in Brief

PUBLICATIONS AND ANNOUNCEMENTS

The International Accounting Standards Board issued a revised version of the Conceptual Framework for Financial Reporting on 29 March 2018. It sets out the fundamental concepts of financial reporting that underpin IFRS. It will replace the 2010 Conceptual Framework.
The main changes to the new Conceptual Framework compared with the 2010 version of the Conceptual Framework are:
  • A new chapter on measurement;
  • Improved definitions of, and guidance on, assets, liabilities, equity, income and expenses; and
  • Clarifications of important concepts such as stewardship, prudence and measurement uncertainty
All these materials and further information are available on https://www.ifrs.org/newsand-events/2018/03/iasb-completes-revisions-to-its-conceptual-framework/

IFRS INTERPRETATIONS COMMITTEE (IC) LATEST DECISIONS SUMMARY

The following is a summarised update on the main discussions taken by the IC at its meeting on 13 March 2018.
For more detailed and comprehensive information on the IC’s discussions see: https://www.ifrs.org/news-and-events/updates/ifric-updates/march-2018/

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