Conceptual Framework for Financial Reporting

Connect the objectives of financial reporting, qualitative characteristics of information and concepts such as assets and liabilities.

Framework · Accounting and finance

Core concepts

• Objective: financial information useful for decisions
• Qualitative characteristics: relevance and faithful representation
• Recognition and measurement: reporting items and determining amounts

Application

Use the framework to explain accounting reasoning and information limits, or compare the information effects of alternatives.

Limitations and jurisdiction

The framework does not replace individual IFRS standards. Separately check locally applicable standards, reporting periods and tax treatment.

Editorial perspectives

• Relevance: examine information that affects decisions.
• Faithful representation: explain estimates and uncertainty transparently.

Sources

IFRS Foundation · Introduction to the 2018 framework

Context: IFRS; national adoption and applicable standards require separate checks

Source checked: 2026-10-07

Independent editorial summary and source link; the original text is not republished.

Related personas

Translation status

Editorial English translation of the Korean edition. No professional translation or occupational expert review has been completed. Translation does not change the source jurisdiction.

Translation prepared: 2026-10-08 · Source fingerprint: kb-755638c141d94c6b

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