BCZ426 Following the issue of the revised Conceptual Framework for Financial Reporting in 2018, the IASB issued Amendments to References to the Conceptual Framework in IFRS Standards. In IAS 1, that document replaced the reference in IAS 1 to the Framework with references to the 2018 Conceptual Framework (now in paragraph B86 of IFRS 18).
BCZ427 The IASB does not expect the replacement of the references to the Framework to have a significant effect on the application of IFRS 18 because replacing the reference in IAS 1 (now in paragraph B86 of IFRS 18) to the Framework means referring to the revised definitions of income and expenses in the 2018 Conceptual Framework. The IASB concluded that this is unlikely to lead to changes in applying the requirements of IAS 1 (now in IFRS 18) because the definitions of income and expenses in the 2018 Conceptual Framework were updated only to align them with the revised definitions of an asset and a liability. Moreover, the main purpose of the requir
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