International Accounting Standards Board Conceptual Framework: A Brief Review

Abstract

The study was about the International Accounting Standard Board Conceptual Framework which sets out a complete set of ideas for quality financial reporting, standard setting, and direction for professionals in creating reliable reporting strategies so that others can endeavor to comprehend and decipher the principles. The study adopts conceptual review approach which focused on discourses within the scope of narrative proofs originating from the global accounting standards board, professional accounting bodies and academic research. The article also discussed the status and purpose of IASB conceptual framework which involves of the objective of financial reporting, qualitative characteristics of useful financial information, financial statement and the reporting entity, elements of financial statements, recognition and de-recognition, and concepts of capital and capital maintenance. Therefore, the study concluded that the framework certainly not a standard, yet, the design is to help the Board in creating principles and assist preparers with developing steady financial reporting strategies.