This Preface is issued to explain the scope, authority and timing of application of IFRS Standards. The Preface was most recently amended in December 2018.
The International Accounting Standards Board (Board) was established in 2001. The Board was preceded by the Board of the International Accounting Standards Committee (IASC). When the term IFRS Standards is used in this Preface, it includes Standards and IFRIC® Interpretations issued by the Board, and International Accounting Standards and SIC® Interpretations issued by its predecessor, the IASC.
The Conceptual Framework for Financial Reporting (Conceptual Framework) is not a Standard. The Conceptual Framework describes the objective of, and the concepts for, general purpose financial statements and other financial reporting. The purpose of the Conceptual Framework is to:
(a) assist the Board to develop Standards that are based on consistent concepts;
(b) assist preparers to develop consistent accounting policies when no Standard applies to a particular transaction or other event, or when a Standard allows a choice of accounting policies; and
(c) assist all parties to understand and interpret the Standards.
4 IFRS Standards are developed through an international due process set out in the IFRS Foundation Due Process Handbook.