AASB Conceptual Framework for Financial Reporting (May 2019)
The AASB's adoption of the IASB Conceptual Framework: the objective of general purpose financial reporting, the qualitative characteristics of useful information, the reporting entity, the definitions of assets, liabilities, equity, income and expenses, recognition, derecognition, measurement bases, presentation and disclosure, and capital maintenance, with the Australian application paragraphs.
AASB Conceptual Framework for Financial Reporting (May 2019) is a compliance framework from Australia with 8 domains and 19 controls. The largest domains are Chapter 4: The elements of financial statements – AASB Conceptual Framework for Financial Reporting (May 2019) (4 controls), Chapter 2: Qualitative characteristics of useful financial information – AASB Conceptual Framework for Financial Reporting (May 2019) (3 controls), Chapter 6: Measurement – AASB Conceptual Framework for Financial Reporting (May 2019) (3 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (8)
Chapter 1: The objective of general purpose financial reporting – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::1.12 | Information about economic resources, claims and changes in them |
| aasb-conceptual-framework-for-financial-reporting-may-2019::1.2 | The objective of general purpose financial reporting and its primary users |
Chapter 2: Qualitative characteristics of useful financial information – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::2.12 | Fundamental qualitative characteristics: faithful representation |
| aasb-conceptual-framework-for-financial-reporting-may-2019::2.23 | Enhancing qualitative characteristics and the cost constraint |
| aasb-conceptual-framework-for-financial-reporting-may-2019::2.5 | Fundamental qualitative characteristics: relevance and materiality |
Chapter 3: Financial statements and the reporting entity – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::3.2 | Objective, scope and reporting period of financial statements; the perspective adopted |
| aasb-conceptual-framework-for-financial-reporting-may-2019::3.9 | Going concern and the reporting entity |
Chapter 4: The elements of financial statements – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::4.26 | The definition of a liability |
| aasb-conceptual-framework-for-financial-reporting-may-2019::4.3 | The definition of an asset |
| aasb-conceptual-framework-for-financial-reporting-may-2019::4.48 | Unit of account, executory contracts and the substance of contractual rights and obligations |
| aasb-conceptual-framework-for-financial-reporting-may-2019::4.63 | Equity, income and expenses |
Chapter 5: Recognition and derecognition – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::5.26 | Derecognition |
| aasb-conceptual-framework-for-financial-reporting-may-2019::5.6 | Recognition criteria |
Chapter 6: Measurement – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::6.4 | Measurement bases: historical cost and current value |
| aasb-conceptual-framework-for-financial-reporting-may-2019::6.43 | Selecting a measurement basis |
| aasb-conceptual-framework-for-financial-reporting-may-2019::6.87 | Measurement of equity and cash-flow-based measurement techniques |
Chapter 7: Presentation and disclosure – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::7.1 | Presentation and disclosure objectives, principles and classification |
| aasb-conceptual-framework-for-financial-reporting-may-2019::7.15 | Profit or loss, other comprehensive income and aggregation |
Chapter 8: Concepts of capital and capital maintenance – AASB Conceptual Framework for Financial Reporting (May 2019)
| Code | Title |
|---|---|
| aasb-conceptual-framework-for-financial-reporting-may-2019::8.1 | Concepts of capital and capital maintenance |
What is AASB Conceptual Framework for Financial Reporting (May 2019) and who does it apply to?
AASB Conceptual Framework for Financial Reporting (May 2019) is a compliance framework from Australia with 8 domains and 19 controls. The AASB's adoption of the IASB Conceptual Framework: the objective of general purpose financial reporting, the qualitative characteristics of useful information, the reporting entity, the definitions of assets, liabilities, equity, income and expenses, recognition, derecognition, measurement bases, presentation and disclosure, and capital maintenance, with the Australian application paragraphs. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
What does AASB Conceptual Framework for Financial Reporting (May 2019) actually require?
AASB Conceptual Framework for Financial Reporting (May 2019) has 19 controls organised across 8 domains. The largest domains are Chapter 4: The elements of financial statements – AASB Conceptual Framework for Financial Reporting (May 2019) (4 controls), Chapter 2: Qualitative characteristics of useful financial information – AASB Conceptual Framework for Financial Reporting (May 2019) (3 controls), Chapter 6: Measurement – AASB Conceptual Framework for Financial Reporting (May 2019) (3 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
If I already comply with another framework, how much of AASB Conceptual Framework for Financial Reporting (May 2019) do I already cover?
AASB Conceptual Framework for Financial Reporting (May 2019) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I implement AASB Conceptual Framework for Financial Reporting (May 2019)?
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