Conceptual framework for financial reporting 2015 pdf tax

According to ias 12 income taxes, deferred tax liabilities are recognised for all taxable temporary. The revised conceptual framework includes some new concepts, provides updated definitions and recognition criteria for assets and liabilities and clarifies some important concepts. Conceptual framework for financial reporting efrag. Hong kong financial reporting standards outside of hong kong in unaltered form retaining this notice is permitted for. The theoretical and conceptual framework explains the path of a research and grounds it firmly in theoretical constructs. Efrag discussion paper improving the financial reporting of income tax. First, to be useful, standard setting should be built. Chapter 2 conceptual framework for financial reporting 215. The overall aim of the two frameworks is to make research findings more. Chapter 2 conceptual framework for financial reporting. Iasbs conceptual framework for financial reporting conceptual framework. Ob11 to a large extent, financial reports are based on estimates, judgments and models rather than exact depictions. This response of 18 november 2015 has been prepared on behalf of icaew by. Although theoretical in nature, a conceptual framework for financial reporting has highly practical final aims.

The objectives of accounting for income taxes are to recognize a the amount of taxes payable or refundable for the current year and b deferred tax liabilities and. Iasb publishes exposure draft of a new conceptual framework. Chapter 2 conceptual framework for financial reporting assignment classification table by topic. This response of 18 november 2015 has been prepared on behalf of icaew by the financial. In the dp, the iasb continues to focus on the statement of financial position hereafter. Exposure draft conceptual framework for financial reporting published in 2015. Framework set out in the recent exposure draft the ed ed20153 conceptual. We analyse the conceptual problems in current accounting for deferred taxes and. In november 2015, the financial accounting standards board fasb issued.

Framework for financial reporting which was issued in may 2015 for public. Iasb issues conceptual framework for financial reporting. The international accounting standards board iasb has published a comprehensive exposure draft ed containing proposals for topical areas where it considers a revision and amendment of the existing conceptual framework necessary. The controversy of deferred tax assets and liabilities classifications. In 2010 the iasb issued the conceptual framework for financial reporting, which superseded the. Exposure draft ed 2015 3 conceptual framework for financial reporting is published by the international accounting standards board iasb for comment only. The concepts are the goal towards which the council and preparers of financial reports strive. Conceptual framework for financial reporting 2018 hkicpa. Will the changes proposed to the conceptual frameworks definitions.

The views expressed in this presentation are those of the presenter, not necessarily those of the iasb or ifrs foundation. Chapter 2 qualitative characteristics of useful financial information. Conceptual framework for financial reporting conceptual framework, a. The existing conceptual framework has proved useful but some. Ey is a global leader in assurance, tax, transaction and advisory services. Exposure draft ed20153 conceptual framework for financial. Ifrs in focus iasb issues exposure draft for a revised conceptual. The proposals may be modified in the light of the comments received before being issued in final form. Financial reporting theoretical framework of financial. Exposure draft ed20153 conceptual framework for financial reporting is published by the international accounting standards board iasb. Comment letters to the iasb, the ifric and other standard setting or. Pdf conceptual framework for general purpose financial.