Conceptual framework for financial reporting 2015 pdf tax

Conceptual framework for financial reporting 2018 hkicpa. The international accounting standards board iasb has published a comprehensive exposure draft ed containing proposals for topical areas where it considers a revision and amendment of the existing conceptual framework necessary. Exposure draft ed20153 conceptual framework for financial reporting is published by the international accounting standards board iasb. The controversy of deferred tax assets and liabilities classifications. Hong kong financial reporting standards outside of hong kong in unaltered form retaining this notice is permitted for. Iasb issues conceptual framework for financial reporting. The existing conceptual framework has proved useful but some. Ob11 to a large extent, financial reports are based on estimates, judgments and models rather than exact depictions. Ifrs in focus iasb issues exposure draft for a revised conceptual. The international accounting standards board board issued the revised. Chapter 2 conceptual framework for financial reporting. Pdf conceptual framework for general purpose financial. Users find information about financial position, income, cash flows, and invest ments in one of three places. Will the changes proposed to the conceptual frameworks definitions.

Framework for financial reporting which was issued in may 2015 for public. Ey is a global leader in assurance, tax, transaction and advisory services. In november 2015, the financial accounting standards board fasb issued. The views expressed in this presentation are those of the presenter, not necessarily those of the iasb or ifrs foundation. Iasb publishes exposure draft of a new conceptual framework. Conceptual framework for financial reporting conceptual framework, a. The concepts are the goal towards which the council and preparers of financial reports strive. Exposure draft ed 2015 3 conceptual framework for financial reporting is published by the international accounting standards board iasb for comment only. The framework can also be described as a theoretical base, a statement of principles, a philosophy and a map. This response of 18 november 2015 has been prepared on behalf of icaew by the financial. Financial reporting theoretical framework of financial.

The revised conceptual framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. In 2010 the iasb issued the conceptual framework for financial reporting, which superseded the. The overall aim of the two frameworks is to make research findings more. First, to be useful, standard setting should be built. The objectives of accounting for income taxes are to recognize a the amount of taxes payable or refundable for the current year and b deferred tax liabilities and. We analyse the conceptual problems in current accounting for deferred taxes and. Efrag discussion paper improving the financial reporting of income tax. Although theoretical in nature, a conceptual framework for financial reporting has highly practical final aims. The iasbs conceptual framework for financial reporting.

Chapter 2 conceptual framework for financial reporting 215. The theoretical and conceptual framework explains the path of a research and grounds it firmly in theoretical constructs. Iasbs conceptual framework for financial reporting conceptual framework. Framework set out in the recent exposure draft the ed ed20153 conceptual. According to ias 12 income taxes, deferred tax liabilities are recognised for all taxable temporary.