Without a framework for preparing financial statements, accounting standards would develop in a random, haphazard way, in reaction to arising issues. In this context, the Conceptual Framework – though not itself a standard – serves a as common ideology by which the International Accounting Standards Board (IASB) interprets existing standards, develops new ones, and defines accounting positions in difficult cases.

On 29 March 2018, the IASB released a revised Conceptual Framework for Financial Reporting to replace the previous version issued in 2010.

Required:
Identify the additions and revisions and describe how they achieve the objective to update and clarify the existing Conceptual Framework by giving more guidance on the substance-over-form approach, measurement uncertainty, amongst others.