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International reporting: what the Conceptual Framework means

In our monthly round-up of IFRS developments, Jeroen Van Doorsselaere, IFRS analyst at Wolters Kluwer Financial Services, assesses the key changes proposed in the IASB review of the all-important Conceptual Framework, delays to the disclosure initiative until Q3 and the completion of the review of IFRS for SMEs

As readers will no doubt know, on 28 May the International Accounting Standards Board (IASB) issued an exposure draft on the conceptual framework for financial reporting, seeking comment on the usefulness of financial reporting, while also clarifying different areas which were not covered by standards as a fallback standard.

The idea is to give an overview of the qualitative indicators of a useful financial statement, as well as the role it should have. In summary, this includes the following:

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