In 1988 the IASC issued the Framework for the Preparation and Presentation of Financial Statements. Then, in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework. However, during late 2010, it was decided to defer further work on this joint project until after other, more urgent convergence projects were finalized. As a first step in this process, a discussion paper covering all aspects of the framework project was published in 2013, fol- lowed by an exposure draft in 2015. Then, on 29 March 2018, the IASB issued a revised version of its Conceptual Framework for Financial Reporting (IFRS Framework 2018).

Requirement:

Evaluate the relationship between a conceptual framework and the standard- setting process.