IFRS Conceptual Framework Project

Project objectives: To improve financial reporting by providing a more complete, clearer, and
updated Conceptual Framework that can be used by:

a. the IASB when it develops International Financial Reporting Standards (IFRS); and

b. others to help them understand and apply IFRS.

What changes were implanted in the framework in 2010

Required:
 To fill gaps (it provided very little guidance on presentation and disclosure on financial
info also in issues of derecognition.)

 Update guidance (prior guidance on when assets and l should be recognized)

To provide clarity (Guidance in some areas were unclear and less helpful that is could been. E.g.
What role measurement uncertainty plays in deciding how to measure assets, liabilities, income,
and expenses).