AASB Framework Essay

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AASB Framework

AASB CF 2013-1
December 2013

Amendments to the
Australian Conceptual
Framework

Obtaining a Copy of this Pronouncement
This pronouncement is available on the AASB website: www.aasb.gov.au.
Alternatively, printed copies are available for purchase by contacting:
The Customer Service Officer
Australian Accounting Standards Board
Level 7
600 Bourke Street
Melbourne Victoria
AUSTRALIA
Phone:
Fax:
E-mail:
Website:

Postal address:
PO Box 204
Collins Street West
Victoria 8007
AUSTRALIA

(03) 9617 7637
(03) 9617 7608 publications@aasb.gov.au www.aasb.gov.au

Other Enquiries
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Fax:
E-mail:

(03) 9617 7600
(03) 9617 7608 standard@aasb.gov.au COPYRIGHT
© Commonwealth of Australia 2013
This AASB pronouncement contains IFRS Foundation copyright material.
Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source. Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The Director of Finance and Administration, Australian
Accounting Standards Board, PO Box 204, Collins Street West, Victoria
8007.
All existing rights in this material are reserved outside Australia.
Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce for commercial purposes outside
Australia should be addressed to the IFRS Foundation at www.ifrs.org.
ISSN 1035-3631
AASB CF 2013-1

2

COPYRIGHT

CONTENTS
PREFACE
ACCOUNTING FRAMEWORK
AASB CF 2013-1 AMENDMENTS TO THE AUSTRALIAN
CONCEPTUAL FRAMEWORK
Objective
Application
Amendments to the Framework
Appendix: Objective and Qualitative Characteristics
BASIS FOR CONCLUSIONS

Paragraphs
1
2–4
5 – 13
Pages 9 – 25
Page 26

The AASB pronouncement AASB CF 2013-1 Amendments to the Australian
Conceptual Framework is set out in paragraphs 1 – 13.

AASB CF 2013-1

3

CONTENTS

PREFACE
Introduction
This pronouncement makes amendments to the Australian Accounting
Standards Board’s (AASB) Framework for the Preparation and Presentation of Financial Statements (Framework).
The amendments are the result of the first stage of the AASB’s process of revising its conceptual framework to incorporate developments by the
International Accounting Standards Board (IASB) following the issuance of the revised IASB Conceptual Framework for Financial Reporting in
September 2010. At the time of issue of this pronouncement, the IASB has published, in its revised framework document, Chapter 1 The objective of general purpose financial reporting and Chapter 3 Qualitative characteristics of useful financial information. The IASB’s conceptual framework remains under review, and it is planned that further revised chapters will be issued.
As an interim step, in anticipation of further revisions to the IASB conceptual framework, the AASB is retaining its existing Framework, amended to the extent necessary to incorporate the IASB’s Chapters 1 and 3 as an Appendix to the Framework. As the IASB’s Chapters are expressed from the perspective of for-profit entities, the AASB has also added not-for-profit specific paragraphs, where necessary, to help clarify the concepts from the perspective of not-for-profit entities in the private and public sectors.
The consequences of these amendments for those using the Framework and
Australian Accounting Standards is that previous guidance on the objective and the qualitative characteristics of financial statements, as well as the guidance previously available in Statement of Accounting Concepts SAC 2
Objective of General Purpose Financial Reporting, are now superseded. The revised guidance includes a restatement of the objective of general purpose financial reporting, and reconsideration of the qualitative characteristics that identify useful financial information. Consequential
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