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The Latest Progress of the Conceptual Framework

DOI: 10.4236/me.2015.66065, PP. 694-699

Keywords: Conceptual Framework, Discussion Paper of CF, Tentative Conclusions of Exposure Draft of CF

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Abstract:

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 accounting standards.

References

[1]  IASB (2013) A Review of the Conceptual Framework for Financial Reporting. IASB, London.
[2]  IASB (2015) Effect of Board Re-Deliberations on DP. A Review of the Conceptual Framework for Financial Reporting. IASB, London. http://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Documents/Effect-of-Board-decisions-on-DP-January-2015.pdf
[3]  FASB (2000) SFAC No. 7: Using Cash Flow Information and Present Value in Accounting Measurements. FASB, Connecticut.
[4]  FASB (2006) FAS 157: Fair Value Measurement.
[5]  IASB (1999) IAS 39: Financial Instruments: Recognition and Measurement. IASB, London.
[6]  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.
[7]  Ministry of Finance of the People’s Republic of China (2014) Corporate Accounting Standards. Ministry of Finance of the People’s Republic of China, Beijing.
[8]  FASB (2001) FAS 141: Business Combination. FASB, Connecticut.

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