IFRS® Standards

Exposure Draft, Conceptual Framework for Financial Reporting


The Accounting Standards Board (AcSB) proposes, subject to comments received following exposure, to incorporate into Part I of the CPA Canada Handbook – Accounting a revised Conceptual Framework for Financial Reporting.

Staff Contact(s)

Rebecca Villmann, CPA, CA, CPA (Illinois)

Director, Reporting Initiatives and Research

Support Materials


The International Accounting Standards Board (IASB) recently issued an Exposure Draft, “Conceptual Framework for Financial Reporting,” that is available on the IASB website at www.ifrs.org. The proposals aim to improve financial reporting by providing a more complete, clearer and updated set of concepts that can be used by:

  • the IASB when it develops International Financial Reporting Standards (IFRSs); and
  • others to help them understand and apply those Standards.

The IASB’s Exposure Draft includes a Basis for Conclusions, which is not part of the AcSB Exposure Draft. The Appendix