Conceptual Framework by Tashwita Gupta

Notes
(Association of Chartered Certified Accountants)

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March 2018
IFRS® Conceptual Framework
Project Summary

Conceptual Framework for Financial Reporting

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 Conceptual Framework at a glance

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C Introduction Purpose
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The International Accounting Standards Board (Board) issued the revised • to assist the Board to develop IFRS Standards (Standards) based on
Conceptual Framework for Financial Reporting (Conceptual Framework), a consistent concepts, resulting in financial information that is useful to

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G comprehensive set of concepts for financial reporting, in March 2018. investors, lenders and other creditors
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It sets out: • to assist preparers of financial reports to develop consistent accounting
O policies for transactions or other events when no Standard applies or a

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B • the objective of financial reporting
Standard allows a choice of accounting policies
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• the qualitative characteristics of useful financial information
• to assist all parties to understand and interpret Standards
L • a description of the reporting entity and its boundary

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• definitions of an asset, a liability, equity, income and expenses
B C
O • criteria for including assets and liabilities in financial statements Status
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(recognition) and guidance on when to remove them (derecognition)
X • provides concepts and guidance that underpin the decisions the Board
. • measurement bases and guidance on when to use them makes when developing Standards
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C • concepts and guidance on presentation and disclosure

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• not a Standard
O This Project Summary summarises:
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• does not override any Standard or any requirement in a Standard

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• why the Board revised the Conceptual Framework
• the main changes from the previous Conceptual Framework
Effective date
• the main concepts and guidance in each chapter of the
Conceptual Framework • immediately for the Board and the IFRS Interpretations Committee
• annual periods beginning on or after 1 January 2020 for preparers who
develop an accounting policy based on the Conceptual Framework

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Why have we revised the Conceptual Framework?

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Approach C

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Previous

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• issued in 1989 and partly revised in 2010 In revising the Conceptual Framework, the Board C
Conceptual Framework sought a balance between providing high-level A

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• useful, but incomplete and needed improvement
concepts and providing enough detail for the

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Conceptual Framework to be useful to the Board
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and others.
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Priority
identified as a priority by stakeholders in the 2011 Agenda Consultation
The Board views the Conceptual Framework as a O
practical tool to help it develop Standards.

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Hence, the Conceptual Framework includes concepts A

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that help the Board develop Standards and also
Filling gaps L
discusses the factors the Board needs to consider
for example, guidance on measurement, presentation and disclosure

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in making judgements when application of the
C concepts does not lead to a single answer. B
O
Updating
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for example, the definitions of an asset and a liability
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Clarifying O
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for example, the role of measurement uncertainty M

Revised
• a comprehensive set of concepts for financial reporting
Conceptual Framework

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 Main changes
The revised Conceptual Framework introduces the following main improvements:

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New

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Measurement concepts on measurement, including factors to be considered when selecting a measurement basis
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Presentation and disclosure concepts on presentation and disclosure, including when to classify income and expenses in other comprehensive income

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L Derecognition

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guidance on when assets and liabilities are removed from financial statements
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B
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Updated
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Definitions definitions of an asset and a liability

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B
Recognition C
criteria for including assets and liabilities in financial statements
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X
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C Clarified
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O Prudence
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Stewardship Measurement uncertainty Substance over form

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Chapter 1—The objective of financial reporting

This chapter sets out the objective of general purpose financial reporting (financial reporting), what information is needed to achieve that
objective and who the primary users (users) of financial reports are.

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Objective of financial reporting Summary of changes

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To provide financial information that is useful to users in making decisions This chapter was issued in 2010 and went
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relating to providing resources to the entity through extensive due process at that time.
Therefore, in revising the Conceptual Framework,

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the Board did not fundamentally reconsider this G
Users’ decisions involve decisions about
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chapter. However, it clarified why information
voting, or used in assessing stewardship is needed to O

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buying, selling or holding providing or settling loans
otherwise influencing achieve the objective of financial reporting. B
equity or debt instruments and other forms of credit A

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management’s actions
Stewardship L

C
To make these decisions, users assess Users of financial reports need information to
C help them assess management’s stewardship. The B
Conceptual Framework explicitly discusses this need O
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prospects for future management’s stewardship of the as well as the need for information that helps users X
net cash inflows to the entity entity’s economic resources assess the prospects for future net cash inflows to the .
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entity. C
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To make both these assessments, users need information about both Users of financial reports M
the entity’s economic resources, claims against the entity and changes in those resources and claims Users of financial reports are an entity’s existing
and potential investors, lenders and other
how efficiently and effectively management has discharged its creditors. Those users must rely on financial
responsibilities to use the entity’s economic resources reports for much of the financial information
they need.

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 Chapter 2—Qualitative characteristics of useful
financial information

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This chapter discusses what makes financial information useful.
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For information to be useful it must both be relevant and provide a faithful representation of what it purports to represent. Relevance and faithful representation
A are the fundamental qualitative characteristics of useful financial information, and the guiding concepts that apply throughout the revised Conceptual Framework.

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L Fundamental qualitative characteristics Summary of changes

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O Relevance Faithful representation This chapter was issued in 2010 and went through

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B extensive due process at that time. Therefore,
• information is relevant if it is capable of making a • information must faithfully represent the
A

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in revising the Conceptual Framework the Board
difference to the decisions made by users substance of what it purports to represent
L did not fundamentally reconsider this chapter.
• financial information is capable of making a • a faithful representation is, to the maximum extent However, the Board clarified the roles of prudence,

C
difference in decisions if it has predictive value or possible, complete, neutral and free from error measurement uncertainty and substance over form
B C
confirmatory value • a faithful representation is affected by level of in assessing whether information is useful.
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measurement uncertainty
X Prudence
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Neutrality is supported by the exercise of prudence.

C Enhancing qualitative characteristics
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Prudence is the exercise of caution when making

O Comparability Verifiability Timeliness Understandability
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judgements under conditions of uncertainty. Prudence

M does not allow for overstatement or understatement of
• these four qualitative characteristics enhance the usefulness of information
assets, liabilities, income or expenses.
• but they cannot make non-useful information useful
Measurement uncertainty
Cost constraint Measurement uncertainty does not prevent
• the benefit of providing the information needs to justify the cost of providing and using the information information from being useful. However, in some cases
the most relevant information may have such a high
level of measurement uncertainty that the most useful
information is information that is slightly less relevant
6 | but is subject to lower measurement uncertainty.
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Chapter 3—Financial statements and

the reporting entity

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This chapter describes the objective and scope of financial statements and provides a description of the reporting entity.
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• an entity that is required, or chooses, to prepare financial statements C
Summary of changes
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Reporting entity • not necessarily a legal entity—could be a portion of an entity or comprise more
This chapter is new.
than one entity

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Boundary of a reporting entity
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a particular form of financial reports that provide information about the reporting
Financial statements Determining the appropriate boundary of a reporting O
entity’s assets, liabilities, equity, income and expenses

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entity can be difficult if, for example, the entity is B
not a legal entity. In such cases, the boundary is A

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determined by considering the information needs
Consolidated Unconsolidated Combined L
of the users of the entity’s financial statements.
financial statements financial statements financial statements

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Those users need information that is relevant
C and that faithfully represents what it purports to B
provide information about assets, provide information about assets, provide information about assets,
represent. A reporting entity does not comprise O
liabilities, equity, income and liabilities, equity, income and liabilities, equity, income and
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an arbitrary or incomplete collection of assets, X
expenses of both the parent expenses of the parent only expenses of two or more entities
liabilities, equity, income and expenses. .
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and its subsidiaries as a single that are not all linked by a

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reporting entity parent‑subsidiary relationship

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 Chapter 4—The elements of financial statements
This chapter defines the five elements of financial statements—an asset, a liability, equity, income and expenses.

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C Previous definition of an asset Revised definition of an asset

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Summary of changes

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C A resource controlled by the entity as a result A present economic resource controlled by the The definitions of an asset and a liability have been
A of past events and from which future economic entity as a result of past events

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refined and the definitions of income and expenses
benefits are expected to flow to the entity An economic resource is a right that has the have been updated only to reflect that refinement.

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G potential to produce economic benefits
The definition of equity as the residual interest
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in the assets of the entity after deducting
O • separate definition of an economic resource—to clarify that an asset is the
all its liabilities is unchanged. The Board’s
economic resource, not the ultimate inflow of economic benefits

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B Main changes research project on Financial Instruments
A • deletion of ‘expected flow’—it does not need to be certain, or even likely, that

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in the definition with Characteristics of Equity is exploring the
L economic benefits will arise distinction between liabilities and equity.
of an asset
• a low probability of economic benefits might affect recognition decisions and

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B the measurement of the asset No practical ability to avoid
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C The revised Conceptual Framework discusses how the
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X Previous definition of a liability Revised definition of a liability ‘no practical ability to avoid’ criterion is applied in
. A present obligation of the entity arising from A present obligation of the entity to transfer an the following circumstances:
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C past events, the settlement of which is expected economic resource as a result of past events
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(a) if a duty or responsibility arises from the entity’s

O to result in an outflow from the entity of An obligation is a duty or responsibility that customary practices, published policies or specific
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resources embodying economic benefits

M the entity has no practical ability to avoid statements—the entity has an obligation if it has
no practical ability to act in a manner inconsistent
• separate definition of an economic resource—to clarify that a liability is the with those practices, policies or statements.
obligation to transfer the economic resource, not the ultimate outflow of
Main changes (b) if a duty or responsibility is conditional on a
economic benefits
in the definition particular future action that the entity itself may
• deletion of ‘expected flow’—with the same implications as set out above for an asset take—the entity has an obligation if it has no
of a liability
• introduction of the ‘no practical ability to avoid’ criterion to the definition practical ability to avoid taking that action.
of obligation
continued ...
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... continued

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Executory contract
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the right(s) or obligation(s), or group of rights and obligations, to which

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Unit of account recognition criteria and measurement concepts are applied An executory contract is a contract that is equally C
unperformed. It establishes a single asset or liability A

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for the inseparable combined right and obligation to
exchange economic resources.

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Selecting the unit of account G
Substance of contracts L

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Relevance Faithful representation
To represent contractual rights and obligations O
• a unit of account is selected to provide relevant • a unit of account is selected to provide a faithful

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faithfully, financial statements must report their B
information about the asset or liability and any represention of the substance of the transaction
substance. In some cases, the substance of such rights A

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related income and expenses or other event from which the asset, liability and
any related income or expenses have arisen
and obligations is clear from a contract’s legal form. L
But, in other cases, the terms of the contract, or of a

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group or series of contracts, may require analysis to
C B
identify the substance of the rights and obligations.
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Revised definition of income Revised definition of expenses .
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Although income and expenses are defined

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Increases in assets, or decreases in liabilities, Decreases in assets, or increases in liabilities, in terms of changes in assets and liabilities,
that result in increases in equity, other than that result in decreases in equity, other than information about income and expenses O
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those relating to contributions from holders of those relating to distributions to holders of is just as important as information about M
equity claims equity claims assets and liabilities.

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 Chapter 5—Recognition and derecognition
This chapter discusses criteria for including assets and liabilities in financial statements (recognition) and guidance on
when to remove them (derecognition).

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C The process of capturing for inclusion in the statement of financial position or

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Summary of changes
Recognition the statement(s) of financial performance an item that meets the definition of an

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C The previous recognition criteria were that an
asset, a liability, equity, income or expenses
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entity should recognise an item that met the
definition of an element if it was probable that

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G Recognition is appropriate if it results in both relevant information about assets, liabilities, equity, income economic benefits would flow to the entity and
L and expenses and a faithful representation of those items, because the aim is to provide information that if the item had a cost or value that could be

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O is useful to investors, lenders and other creditors determined reliably.

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B The revised recognition criteria refer explicitly
A to the qualitative characteristics of useful

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Recognition criteria
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Relevance Faithful representation The Board’s aim was to develop a more coherent set

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B • whether recognition of an item results in relevant • whether recognition of an item results in a
C of concepts, not to increase or decrease the range of
O information may be affected by, for example: faithful representation may be affected by, for assets and liabilities recognised.
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X example:
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low probability of a flow of measurement uncertainty Why recognition is important

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economic benefits Recognising assets, liabilities, equity, income and

O recognition inconsistency
expenses depicts an entity’s financial position and
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M existence uncertainty (accounting mismatch)

financial performance in structured summaries
presentation and disclosure (the statements of financial position and financial
performance). The amounts recognised in a statement
are included in the totals and, if applicable, subtotals,
Cost constraint in the statement. The statements are linked because
Cost constrains recognition decisions, just as it constrains other financial reporting decisions income and expenses are linked to changes in assets
and liabilities.

continued ...
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... continued

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The removal of all or part of a recognised asset or liability from an entity’s Summary of changes

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Derecognition statement of financial position The guidance on derecognition is new.
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Derecognition resulting from a transfer

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Derecognition normally occurs G
Normally, a faithful representation of a transfer L

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For an asset For a liability
of an asset or liability is achieved by derecognition of O
the asset or liability with appropriate presentation

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when the entity loses control of all or part of the when the entity no longer has a present obligation B
and disclosure.
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recognised asset for all or part of the recognised liability
However, in limited cases, it may be necessary to L
continue to recognise a transferred component of

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Derecognition aims to faithfully represent both
an asset or liability together with a liability or asset B
C
• any assets and liabilities retained after the transaction that led to the derecognition for the proceeds received or paid, with appropriate
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presentation and disclosure.
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• the change in the entity’s assets and liabilities as a result of that transaction X
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 Chapter 6—Measurement
This chapter describes various measurement bases and discusses factors to be considered when selecting a measurement basis.

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C

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Historical cost measurement bases Summary of changes

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C • historical cost provides information derived, at least in part, from the price of the transaction or other The previous version of the Conceptual Framework
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event that gave rise to the item being measured included little guidance on measurement.
• historical cost of assets is reduced if they become impaired and historical cost of liabilities is increased if The revised Conceptual Framework describes what

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G they become onerous information measurement bases provide and
L • one way to apply a historical cost measurement basis to financial assets and financial liabilities is to explains the factors to consider when selecting

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O measure them at amortised cost a measurement basis.

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B
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Current value measurement bases
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• current value provides information updated to reflect conditions at the measurement date

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B • current value measurement bases include: C
O • the price that would be received to sell an asset, or paid
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X to transfer a liability, in an orderly transaction between
. fair value market participants at the measurement date
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C • reflects market participants’ current expectations about

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O the amount, timing and uncertainty of future cash flows

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M • reflects entity-specific current expectations about the

value in use (for assets)
amount, timing and uncertainty of future cash flows
fulfilment value (for liabilities)

• reflects the current amount that would be:

current cost ƒƒ paid to acquire an equivalent asset
ƒƒ received to take on an equivalent liability

continued ...
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... continued

The factors to be considered when selecting a measurement basis are relevance and faithful representation, because the aim is to provide information that is
useful to investors, lenders and other creditors

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Factors to consider in selecting a measurement basis Selecting a measurement basis
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Relevance In selecting a measurement basis, it is necessary to C
consider the nature of the information in both the
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Relevance of information provided by a measurement basis is affected by: statement of financial position and the statement(s)
of financial performance.

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characteristics of the asset or liability contribution to future cash flows G
The relative importance of each factor to be L

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• the variability of cash flows • whether cash flows are produced directly or indirectly in considered (see boxes) depends upon the facts and
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combination with other economic resources circumstances of individual cases.

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• sensitivity of the value to market factors or B
other risks • the nature of the entity’s business activities Consideration of the factors and the cost constraint A

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• for example, amortised cost cannot provide • for example, if assets are used in combination to produce is likely to result in the selection of different L
relevant information about a deriviative goods or services, historical cost can provide relevant measurement bases for different assets, liabilities,

C
information about margins achieved in a period income and expenses.
C B
Faithful representation O
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X
Whether a measurement basis can provide a faithful representation is affected by: .
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C
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measurement inconsistency measurement uncertainty

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• if financial statements contain measurement • does not necessarily prevent the use of a M
inconsistencies (accounting mismatch), measurement basis that provides relevant
those financial statements may not faithfully information
represent some aspects of the entity’s financial • but if too high might make it necessary to consider
position and financial performance selecting a different measurement basis

Cost constraint
Cost constrains the selection of a measurement basis, just as it constrains other financial reporting decisions
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 Chapter 7—Presentation and disclosure

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A This chapter includes concepts on presentation and disclosure and guidance on including income and expenses in the statement of profit or loss
C and other comprehensive income.

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The statement of profit or loss Summary of changes
• The statement of profit or loss is the primary source of information about an entity’s financial This chapter is new.

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G performance for the reporting period
L • Profit or loss could be a section of a single statement of financial performance or a separate statement

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Better Communication
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• The statement(s) of financial performance include(s) a total (subtotal) for profit or loss

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B Information about assets, liabilities, equity, income
A • In principle, all income and expenses are classified and included in the statement of profit or loss and expenses is communicated through presentation

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L and disclosure in the financial statements.
Other comprehensive income Effective communication of information in financial

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B • In exceptional circumstances, the Board may decide to exclude from the statement of profit or loss
C statements makes that information more relevant and
O income or expenses arising from a change in current value of an asset or liability and include those contributes to a faithful representation of an entity’s
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X income and expenses in other comprehensive income assets, liabilities, equity, income and expenses.
. • The Board may make such a decision when doing so would result in the statement of profit or loss
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The revised Conceptual Framework includes

C providing more relevant information or a more faithful representation concepts that describe how information should
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O be presented and disclosed in financial statements.

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M Recycling The Board is also working on several projects on the

• In principle, income and expenses included in other comprehensive income in one period are recycled to theme of Better Communication to make financial
the statement of profit or loss in a future period when doing so results in the statement of profit or loss information more useful to investors, lenders and
providing more relevant information or a more faithful representation other creditors and to improve the communication of
that information.
• When recycling does not result in the statement of profit or loss providing more relevant information
or a more faithful representation, the Board may decide income and expenses included in other
comprehensive income are not to be subsequently recycled

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Amendments to References to the Conceptual Framework in

IFRS Standards—a separate accompanying document

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That document sets out amendments to Standards to update references to the Conceptual Framework.
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Exemptions
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• Some Standards include explicit references to previous versions of the
Objective of the Conceptual Framework • IFRS 3 Business Combinations

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amendments • These amendments update those references so they refer to the revised To avoid unintended consequences, acquirers are G
required to apply the definitions of an asset and a L

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Conceptual Framework
liability and supporting concepts in the previous, O

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• The Board expects the amendments to references to the Conceptual Framework rather than the revised, Conceptual Framework. The B
in Standards will not have a significant effect on users and preparers of Board plans to assess how IFRS 3 can be updated A

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Effects without unintended consequences.
financial statements L
• Regulatory account balances

C
C When developing accounting policies for regulatory B
• The amendments are effective for annual periods beginning on or after account balances applying IAS 8 Accounting Policies, O
.A
Effective date and 1 January 2020, with earlier application permitted Changes in Accounting Estimates and Errors, entities are X
required to refer to the previous, rather than the .
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transition • The amendments should be applied retrospectively unless retrospective

application would be impracticable or involve undue cost or effort revised, Conceptual Framework. This avoids entities C
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revising those accounting policies twice within

O
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a short period: once for the revised Conceptual

M
Framework and again when a revised Standard on
rate‑regulated activities is issued.

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 Important information

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C This Project Summary has been compiled by the staff of the IFRS Foundation for the convenience of interested parties. The views

o
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C within this document are those of the staff who prepared this document and do not necessarily reflect the views or the opinions
A

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of the Board. The content of this Project Summary does not constitute any advice and is not to be considered as an authoritative
document issued by the Board.

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G
L Official pronouncements of the Board are available in electronic format to eIFRS subscribers. Publications are available for ordering

ba
O from the IFRS Foundation website at www.ifrs.org.

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B Other relevant documents
A

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L Conceptual Framework for Financial Reporting—describes the objective of, and the concepts for, general purpose financial reporting.
Basis for Conclusions on the Conceptual Framework for Financial Reporting—summarises the Board’s considerations in developing the

C
B
Conceptual Framework. C
O
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X Amendments to References to the Conceptual Framework in IFRS Standards—sets out amendments to Standards, their accompanying
. documents and IFRS practice statements.
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C
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O Feedback Statement—summarises the feedback on the proposals that led to the revised Conceptual Framework.
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Notes

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 Notes

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B C
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Notes

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 IAS®

International Financial Reporting Standards® IFRIC®

IFRS Foundation® SIC®

IFRS® IASB®

m
A Contact the IFRS Foundation for details of countries where its trade marks are in use or have been registered.
C

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International Accounting Standards Board® (Board)
The Board is the independent standard-setting body of the IFRS® Foundation

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G 30 Cannon Street | London EC4M 6XH | United Kingdom
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Telephone: +44 (0)20 7246 6410
O Email: info@ifrs.org | Web: www.ifrs.org

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B Publications Department
A Telephone: +44 (0)20 7332 2730

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Email: publications@ifrs.org
L
Copyright © 2018 IFRS® Foundation

C
B All rights reserved. Reproduction and use rights are strictly limited. No part of this publication may be
C
translated, reprinted, reproduced or used in any form either in whole or in part or by any electronic, mechanical
O or other means, now known or hereafter invented, including photocopying and recording, or in any information
.A
X storage and retrieval system, without prior permission in writing from the IFRS Foundation.
.
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The Foundation has trade marks registered around the world (Marks) including ‘IAS®’, ‘IASB®’, ‘IFRIC®’, ‘IFRS®’,
C the IFRS® logo, ‘IFRS for SMEs®’, the IFRS for SMEs® logo, the ‘Hexagon Device’, ‘International Accounting Standards®’,
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O ‘International Financial Reporting Standards®’, ‘NIIF®’ and ‘SIC®’. Further details of the Foundation’s Marks are
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available from the Foundation on request.

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The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the
State of Delaware, USA and operates in England and Wales as an overseas company
(Company number: FC023235) with its principal office in London.

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