The IASB's Framework for the Preparation and Presentation of Financial Statements (1989) establishes:

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The IASB's Framework for the Preparation and Presentation of Financial Statements (1989) establishes the concepts to be used in formulating international accounting standards. It provides guidance on the underlying assumptions, principles, and constraints that underpin financial statements prepared using International Financial Reporting Standards (IFRS). It does not prescribe specific required practices or formatting of financial statements or provide sanctions for failure to comply.