IASB Conceptual Framework  | Financial Capital Maintenance | Physical Capital Maintenance
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-06-12

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The 2018 revised Conceptual Framework sets out:

the objective of general purpose financial reporting;
the qualitative characteristics of useful financial information;
a description of the reporting entity and its boundary;
definitions of an asset, a liability, equity, income and expenses and guidance supporting these definitions;
criteria for including assets and liabilities in financial statements (recognition) and guidance on when to remove them (derecognition);
measurement bases and guidance on when to use them;
concepts and guidance on presentation and disclosure; and
concepts relating to capital and capital maintenance.

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