Purpose of Conceptual Framework of International Accounting Standards Boards (IASB)
a) The purposes of Conceptual Framework of the International Accounting Standard Board (IASB) are to assist:
i. In the development of future international standards;
ii. In the review of the existing standards;
iii. National standard setters in development of national standards;
iv. Preparers of financial statements in the application of international standards;
v. In dealing with topics that are not yet covered in the international standards;
vi. Auditors in forming opinion as to whether financial statements conform with the international standards;
vii. Users of financial statements to interpret the information in the financial statements prepared in accordance with the international standards; and viii. Those who are interested in the work of IASB with information about its mode of operations and approaches to the formulation of international standards.