| Abstract: | The conceptual framework (CF) has introduced a set of ideals and broad criteria for financial reporting focusing on servicing users' information needs. In this article, each concepts statement is considered, in turn, and its consistency with selected accounting standards examined. Particular attention is paid to accounting standards issued for the first time, or in a revised form, subsequent to the release of the concepts statements. It is found that many standards have provisions that are at odds with the CF. These inconsistencies come as no surprise. The CF is incomplete; the issue of measurement remains unresolved, leaving ambiguity in the definitions of concepts such as revenue. The CF project has remained unfinished while standard setters have given priority to other tasks, such as international harmonization, in resolving contemporary financial reporting issues. |
