The IASB has published a revised Conceptual Framework that clarifies and updates its existing guidance that was published in 1989 and updated in 2010. It also fills gaps in areas where there was no or only little guidance.
The Conceptual Framework describes the objective of, and the concepts for, general purpose financial reporting. Its purpose is to:
The revised Conceptual Framework now contains a comprehensive set of concepts, making some major changes to the previous version. It now contains guidance on:
It further updates the definitions of assets and liabilities and the guidance on recognition as well as clarifying the concepts of measurement uncertainty, prudence, stewardship and substance over form.