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Changes in Conceptual Framework

28 September 2010
Changes in Conceptual Framework
Framework (1989): Framework for the Preparation and Presentation of Financial Statements (the Framework) was published by IASC in July 1989 and adopted by the IASB in April 2001.
Conceptual Framework 2010: Conceptual Framework for Financial Reporting 2010 (the IFRS Framework) approved by the IASB in September 2010 and thus, the Framework (1989) withdrawn to the extent of coverage similar to the IFRS Framework (2010).

|Framework (1989) |Conceptual Framework 2010 |
|QUALITATIVE CHARACTERISTICS OF FINANCIAL STATEMENTS |QUALITATIVE CHARACTERISTICS OF USEFUL FINANCIAL INFORMATION |
|Understandability |Fundamental qualitative characteristics |
|Relevance |Relevance |
|Materiality |Materiality |
|Reliability |Faithful representation [completeness, neutrality and free from error] |
|Faithful representation |Applying the fundamental qualitative characteristics |
|Substance over form |Enhancing qualitative characteristics |
|Neutrality |Comparability |
|Prudence |Verifiability |
|Completeness |Timeliness |
|Comparability

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