The framework also assists preparers in making informed judgements when no standard exists. It guides the IASB in setting new standards and provides principles that assist all parties to understand and interpret standards.
We need to understand that CF 2018, like the preceding conceptual framework, is not a standard and does not override standards. CF 2018 is immediately applicable to the IASB and International Financial Reporting Standards (IFRS) Interpretations Committee. In March 2018, the International Accounting Standards Board (IASB) issued the revised Conceptual Framework for Financial Reporting (CF 2018) after five years of deliberation since the Discussion Paper was first issued. Pearl Tan REDEFINING FOCUS AND BOUNDARIES
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