Conceptual Framework & IFRS practices in Bangladesh and Global context; Part-1

The International Accounting Standards Committee (IASC) was founded in June 1973 in London. IASC issues IAS 1 to IAS 41 within year 2000. Accounting Standards Committee (IASC) converted to International Accounting Standards Board (IASB) on 1st July 2000. The International Accounting Standards Board is the independent, accounting standard-setting body of the IFRS Foundation. Without a framework for preparing financial statements, accounting standards would develop in a random, haphazard way, in reaction to arising issues In March 2018, the IASB released a revised Conceptual Framework for Financial Reporting. Effective immediately, it replaces the previous version issued in 2010. Purpose • to assist the Board to develop IFRS Standards (Standards) based on consistent concepts, resulting in financial information that is useful to investors, lenders and other creditors • to assist preparers of financial reports to develop consistent accounting policies for transactions or other events when no Standard applies or a Standard allows a choice of accounting policies • to assist all parties to understand and interpret Standards Effective Date  immediately for the Board and the IFRS Interpretations Committee  annual periods beginning on or after 1 January 2020 for preparers who develop an accounting policy based on the Conceptual Framework