The Framework for the Preparation and Presentation of Financial Statements has a number of purposes, including assisting:

e the IASB in the development of future accounting standards and in its review of existing IASs/IFRSs;

e the IASB in promoting harmonization of regulations, accounting standards and procedures relating to the presentation of financial statements by providing a basis for reducing the number of alternative treatments permitted by IASs/IFRSs; and preparers of financial statements in applying [ASs/IFRSs and in dealing with topics that have yet to be covered in an accounting standard.