ASB (FRC) Statement of Principles for Financial Reporting


The Accounting Standards Board (ASB) statement of principles describes the accounting model that it uses as the conceptual underpinning for its work. Such statements describe the standard-setter's views on:

- the activities that should be reported on in financial statements
- the aspects of those activities that should be highlighted
- the attributes that information needs to have if it is to be included in the financial statements
- how information should be presented in those financial statements.

The main role of the ASB's Statement of Principles for Financial Reporting is to provide conceptual input into the ASB's work on the development and review of accounting standards.