So which of the following is not (IS NOT) a purpose of the conceptual framework.
OK, so we've learned about what it is and how it works so just be
comfortable and just think hmm you know is this a purpose or not. Try and forget
your textbook. So, to assist the IASB in preparing and reviewing new standards.
Yes, definitely, because it's a foundation, isn't it. It's the foundation of theoretical
principles that allow us to build new IFRS and to review whether the
old ones really good or not. To help auditors to form an opinion on whether
financial statements comply with IFRS. Again that is true because when you
comply with IFRS you're trying to look at are they are they following not only
the rules in the standards but are they following the principles are they
following the the spirit of the rules and the conceptual framework will help
us with that. Does it help us in assisting in determining the treatment
of items that aren't covered by IFRS so maybe you've got a specific something
new that's happened on the new to do with technology and you can't find any
reference to it in IFRS then you would go to the conceptual framework so it
looks to me like the answer D. Otherwise they are all right. Let's check to be
authoritative where a specific IFRS conflicts with the conceptual framework
and what that means is in a conflict the conceptual framework takes over the IFRS
and that is not true. It doesn't. It's not a standard if there is a conflict then
the IFRS the standard itself wins. OK, so the answer is D my friends.
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