AASB CF 2013-1
Amendments to the
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AASB CF 2013-1
AASB CF 2013-1 AMENDMENTS TO THE AUSTRALIAN
Amendments to the Framework
Appendix: Objective and Qualitative Characteristics
BASIS FOR CONCLUSIONS
5 – 13
Pages 9 – 25
The AASB pronouncement AASB CF 2013-1 Amendments to the Australian
Conceptual Framework is set out in paragraphs 1 – 13.
AASB CF 2013-1
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Objective of General Purpose Financial Reporting, are now superseded.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…