A companys senior financial officer says, I always follow IFRSs in preparing my companys financial statements. But

Question:

A company’s senior financial officer says, ‘I always follow IFRSs in preparing my company’s financial statements. But the IASB Framework is a lot of conceptual theory that doesn’t affect me directly. It is not an accounting standard, so I have never read it.’

Is the IASB Framework a standard? Is it relevant to preparing IFRS financial statements? If so, how?

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