Question

Whenever there is conflict between SAS and IAS who takes precedence

Answer 1

Answer:

" The main discussion evolved around the purpose of the Conceptual Framework. As stated in the agenda paper currently the primary purpose of the Conceptual Framework is ‘to set out concepts that underlie the preparation and presentation of financial statements as a practical tool to assist the IASB in developing future IFRSs and reviewing existing IFRSs’.

The concern raised by several Board members was that there was too much emphasis on the IASB and not enough emphasis on other users. In other words the Conceptual framework should also serve preparers and users of financial statements