During the past 30 years, the world’s economy developed rapidly, but the
formulation of accounting standards often could not keep up with the pace of
economic development as the continuous innovation of financial instruments or
derivatives financial instruments, the increasingly frequency of unconventional
activities such as merger, acquisition and restructuring, the rapid flowing of
global capital, and the development of networking, information science and
technology. Thus the lagging and patching method of accounting standards made
the conceptual framework which was ever explored in the past back to the IASB
agenda again. This paper mainly described the latest progress of the conceptual
framework after IASB released Discussion Paper, analyzed the characteristics of
the restatement of CF, and proposed several thoughts for the China CF and
IASB (2015) Effect of Board Re-Deliberations on DP. A Review of the Conceptual Framework for Financial Reporting. IASB, London.
FASB (2010) SFAC No. 8: Conceptual Framework for Financial Reporting. Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information. FASB, Connecticut.