A Review of the International Accounting Standards Board Conceptual Framework

 The study was about the International Accounting Standard Board Conceptual Framework which sets out a comprehensive set of concepts for financial reporting, standard setting, guidance for preparers in developing consistent accounting policies and assistance to others in their efforts to understand and interpret the standards. The study adopts conceptual review approach which centred on discourses within the range of documentary evidence emanating from the international accounting standards board, professional accounting bodies and academic research. The article also discussed the status and purpose of IASB conceptual framework which comprises of the objective of financial reporting, qualitative characteristics of useful financial information, the elements of financial statements, financial statement and the reporting entity, recognition and de-recognition, measurement, presentation and disclosure and concepts of capital and capital maintenance. Therefore, the study concluded that the Framework is not a standard but the purpose is to assist the Board in developing standards and help preparers develop consistent accounting policies.