_____________________________________________________________________________________________________ 1 Department of Accounting, Afe Babalola University, Ado Ekiti, Nigeria. *Corresponding author: E-mail: akinwumiolusegun74@yahoo.com; Chapter 2 Print ISBN: 978-93-91882-49-5, eBook ISBN: 978-93-91882-64-8 International Accounting Standards Board Conceptual Framework: A Brief Review Akinola, Akinwumi Olusegun 1* and Efuntade, Alani Olusegun 1 DOI: 10.9734/bpi/mpebm/v7/12494D ABSTRACT The study was about the International Accounting Standard Board Conceptual Framework which sets out a complete set of ideas for quality financial reporting, standard setting, and direction for professionals in creating reliable reporting strategies so that others can endeavor to comprehend and decipher the principles. The study adopts conceptual review approach which focused on discourses within the scope of narrative proofs originating from the global accounting standards board, professional accounting bodies and academic research. The article also discussed the status and purpose of IASB conceptual framework which involves of the objective of financial reporting, qualitative characteristics of useful financial information, financial statement and the reporting entity, elements of financial statements, recognition and de-recognition, and concepts of capital and capital maintenance. Therefore, the study concluded that the framework certainly not a standard, yet, the design is to help the Board in creating principles and assist preparers with developing steady financial reporting strategies. Keywords: Capital maintenance; conceptual framework; financial reporting; financial statements; recognition and de-recognition; reporting entity. 1. INTRODUCTION Harmonization of the monetary and capital business sectors is an irreparable development, and there are numerous advantages acquired from commonly perceived and regarded international accounting standards. The implementation of unified standards cut the expenses of doing business across borders by lessening the requirement for balancing information. They make information more similar, consequently upgrading appraisal and analysis by stakeholders of financial statements [1]. Stakeholders become more certain of the information they are given and most likely, this lessens vulnerability, advances productive distribution of resources and reduces capital costs. To overcome any barrier between accounting standards among countries, the International Accounting Standards Committee (IASC) was established in 1973 to formulate uniform and unified accounting standards pointed towards decreasing the disparities in global accounting principles and financial reporting practices. Since its existence, the IASC has effectively been advocating the consistency and normalization of accounting principles for more than twenty years [2]. In April 2001, the International Accounting Standards Board (IASB) assumed control over the setting of International Accounting Standards from the IASC. Thus, the IASB modernized the prevailing International Accounting Standards and referred to them as International Financial Reporting Standards (IFRS). In Nigeria, adoption of IFRS was launched in September 2010 which was organized and stakeholders started its use by January 2014. The adoption was scheduled to start with public listed entities and significant public interest entities who are expected to adopt the IFRS by January 2012. All other public interest entities mandatorily adopted the IFRS for statutory purposes at January 2013, and small and medium-sized entities by January 2014 [3].