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Hi Sir, I wanted to know what is Conceptual framework, why it is used and why there is a need of it in presence of IFRS and IAS?
My little understanding of it is that they are general principles that should be considered in developing IFRS and IAS, in other words they are referred to by the IASB when forming accounting standards but some people say that they are used to address issues that are not covered by IFRS and IAS so I am confused.
So kindly brief me about what is Conceptual framework, why it is used and why there is a need of it in presence of IFRS and IAS?
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