? 1. Introduction of the Conceptual Framework

◆ IAS 1 Presentation of Financial Statements: in order to achieve fair presentation, an entity must comply with:

(i) IFRSs and IASs

(ii) The Conceptual Framework for Financial Reporting

◆ The Conceptua Framework for Financial Reporting was revised and reissued in 2018

◆ Forms the theoretical basis

◆ Not an accounting standard / Not override any specific accounting standard