The course discusses the Conceptual Framework for Financial Reporting the IASB published in March 2018, which contains significant changes to the 2010 release. Its purpose is to assist the IASB in developing and revising IFRSs that are based on consistent concepts, and to help preparers develop consistent accounting policies for areas not yet covered by a standard or where there is choice of accounting policy. The framework also assists in understanding and interpreting IFRS. The framework is not a standard and does not override any specific IFRS.