If there is a conflict between a specific IFRS standard and the guidelines of the Conceptual Framework, the guidelines in the framework should take precedent over the specific IFRS standard.

Question

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The specific IFRS standard takes precedence over the guidelines in the Conceptual Framework for Financial Reporting. The Conceptual Framework provides the underlying foundation for accounting standards, but when there is a direct conflict, the specific standards are to be applied.

If There Is a Conflict Between a Specific IFRS Standard