The Latest Progress of the Conceptual Framework

During the past 30 years, the world’s economy developed rapidly, but the formulation of accounting standards often could not keep up with the pace of economic development as the continuous innovation of financial instruments or derivatives financial instruments, the increasingly frequency of unconventional activities such as merger, acquisition and restructuring, the rapid flowing of global capital, and the development of networking, information science and technology. Thus the lagging and patching method of accounting standards made the conceptual framework which was ever explored in the past back to the IASB agenda again. This paper mainly described the latest progress of the conceptual framework after IASB released Discussion Paper, analyzed the characteristics of the restatement of CF, and proposed several thoughts for the China CF and accounting standards.