Question to the Department for Business, Energy and Industrial Strategy:

To ask Her Majesty's Government, further to the Written Answer by Lord Callanan on 23 May (HL294), whether (1) the International Accounting Standards Board’s Framework extant in 2001, (2) the Conceptual Framework published in 2018, or (3) some other “Framework” or “Conceptual Framework”, applies to UK adopted accounting standards under IAS1.

The Conceptual Framework issued by the International Accounting Standards Board is not an international accounting standard and therefore is not adopted into UK law. Nevertheless, it does provide a basis for the use of judgement in resolving accounting issues. It is only of relevance in situations where no specific international accounting standard applies to a transaction, event or condition (as set out in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors).