Overview

Framework for the Preparation and Presentation of Financial Statements


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A document setting out the basic accounting concepts informing International Accounting Standards and International Financial Reporting Standards. It was issued by the International Accounting Standards Committee in 1989 and adopted by its successor body, the International Accounting Standards Board (IASB), in 2001. The Framework defines the objectives of financial statements; identifies the qualitative characteristics that make information in financial statements useful; defines the basic elements of financial statements and the concepts for recognizing and measuring them; and provides concepts of capital maintenance. It serves as a guide to the IASB in developing new Standards and as a guide to management in resolving issues that are not addressed directly in a Standard or Interpretation issued by the Board.

Subjects: Accounting.


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