IASB Conceptual Framework 2018 – An Overview Status and purpose of the Conceptual Framework. The Conceptual Framework for Financial Reporting’s general purpose is: a) To assist the IASB in developing and revising IFRSs that are based on consistent concepts, b) To help preparers to develop consistent accounting policies for areas that are not covered by a standard or where there is choice of accounting policy, and c) To assist all parties to understand and interpret IFRS. It maintains that the framework does not override any specific IFRS. Rather the IASB should decide to issue a new or revised pronouncement that conflicts with the framework. The IASB will highlight the fact and explain the reasons for the departure in the basis for conclusions. Conceptual Framework for Financial Reporting was issued by the International Accounting Standards Board in September 2010. It was revised in March 2018. The 2018 Conceptual Framework is structured into an introductory explanation on the status and purpose of the Conceptual Framework, eight chapters, Chapter Topic Status and purpose of the Conceptual Framework 1. The objectives of general-purpose financial reporting 2. Qualitative characteristics of useful financial information 3. Financial statements and the reporting entity 4. The elements of financial statements 5. Recognition and derecognition 6. Measurement 7. Presentation and disclosure 8. Concepts of capital and capital maintenance