Back to Frameworks

AASB Conceptual Framework for Financial Reporting (May 2019)

Australia
vMay 2019 (incorporating the IASB Conceptual Framework of March 2018; applies to periods beginning on or after 1 January 2020 for Aus1.1 entities)
8 domains
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.

Verified

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.

Maintained by Gerard Blokdyk

Framework summaries on this platform are interpretations grounded in the published source, for educational and compliance planning purposes. They do not reproduce or replace the official standards. Refer to the authoritative source for the definitive text. Framework names and trademarks belong to their respective organisations.

Framework Domains (8)

Chapter 1: The objective of general purpose financial reporting – AASB Conceptual Framework for Financial Reporting (May 2019)

2 controls
Controls in the Chapter 1: The objective of general purpose financial reporting – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 2 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::1.12Information about economic resources, claims and changes in them
aasb-conceptual-framework-for-financial-reporting-may-2019::1.2The 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)

3 controls
Controls in the Chapter 2: Qualitative characteristics of useful financial information – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 3 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::2.12Fundamental qualitative characteristics: faithful representation
aasb-conceptual-framework-for-financial-reporting-may-2019::2.23Enhancing qualitative characteristics and the cost constraint
aasb-conceptual-framework-for-financial-reporting-may-2019::2.5Fundamental qualitative characteristics: relevance and materiality

Chapter 3: Financial statements and the reporting entity – AASB Conceptual Framework for Financial Reporting (May 2019)

2 controls
Controls in the Chapter 3: Financial statements and the reporting entity – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 2 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::3.2Objective, scope and reporting period of financial statements; the perspective adopted
aasb-conceptual-framework-for-financial-reporting-may-2019::3.9Going concern and the reporting entity

Chapter 4: The elements of financial statements – AASB Conceptual Framework for Financial Reporting (May 2019)

4 controls
Controls in the Chapter 4: The elements of financial statements – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 4 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::4.26The definition of a liability
aasb-conceptual-framework-for-financial-reporting-may-2019::4.3The definition of an asset
aasb-conceptual-framework-for-financial-reporting-may-2019::4.48Unit of account, executory contracts and the substance of contractual rights and obligations
aasb-conceptual-framework-for-financial-reporting-may-2019::4.63Equity, income and expenses

Chapter 5: Recognition and derecognition – AASB Conceptual Framework for Financial Reporting (May 2019)

2 controls
Controls in the Chapter 5: Recognition and derecognition – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 2 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::5.26Derecognition
aasb-conceptual-framework-for-financial-reporting-may-2019::5.6Recognition criteria

Chapter 6: Measurement – AASB Conceptual Framework for Financial Reporting (May 2019)

3 controls
Controls in the Chapter 6: Measurement – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 3 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::6.4Measurement bases: historical cost and current value
aasb-conceptual-framework-for-financial-reporting-may-2019::6.43Selecting a measurement basis
aasb-conceptual-framework-for-financial-reporting-may-2019::6.87Measurement of equity and cash-flow-based measurement techniques

Chapter 7: Presentation and disclosure – AASB Conceptual Framework for Financial Reporting (May 2019)

2 controls
Controls in the Chapter 7: Presentation and disclosure – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 2 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::7.1Presentation and disclosure objectives, principles and classification
aasb-conceptual-framework-for-financial-reporting-may-2019::7.15Profit or loss, other comprehensive income and aggregation

Chapter 8: Concepts of capital and capital maintenance – AASB Conceptual Framework for Financial Reporting (May 2019)

1 controls
Controls in the Chapter 8: Concepts of capital and capital maintenance – AASB Conceptual Framework for Financial Reporting (May 2019) domain of AASB Conceptual Framework for Financial Reporting (May 2019): 1 controls
CodeTitle
aasb-conceptual-framework-for-financial-reporting-may-2019::8.1Concepts 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)?

Start your AASB Conceptual Framework for Financial Reporting (May 2019) compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about AASB Conceptual Framework for Financial Reporting (May 2019) requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 19 controls and track your progress.

Start Your Compliance Journey

Create a free account to run self-assessments, get AI advisory, and track your compliance progress across 1,248 frameworks.

Get Started Free →

Free forever, no credit card required