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Distinguish between IASB standards and the Conceptual Framework for Financial Reporting.


Cover of Intermediate Accounting: IFRS Edition, 2nd Edition


International Financial Reporting Standards are financial
accounting standards issued by the IASB and are referred to as International
Financial Reporting Standards (IFRS). The IFRS Conceptual Framework for
Financial Reporting sets forth fundamental objectives and concepts that the
Board uses in developing future standards of financial reporting. The intent of
the Conceptual Framework is to form a cohesive set of interrelated concepts that
will serve as tools for solving existing and emerging problems in a consistent