The conceptual framework for financial reporting is a set of principles, concepts, and guidelines that provide a foundation for developing accounting standards and for preparing and presenting financial statements. The purpose of the conceptual framework is to:

1. Provide a common understanding: The conceptual framework helps to provide a common understanding of the objectives, concepts, and principles that underlie financial reporting.
2. Assist in standard-setting: The conceptual framework provides a basis for developing and revising accounting standards, ensuring consistency and coherence across different standards.
3. Assist in financial statement preparation: The conceptual framework helps preparers of financial statements to understand the underlying concepts and principles that inform the presentation and measurement of financial information.
4. Facilitate interpretation: The conceptual framework helps users of financial statements to interpret the information presented in the statements, by providing a common language and a clear understanding of the information being communicated.
5. Enhance comparability: The conceptual framework promotes consistency and comparability in financial reporting, allowing users to make meaningful comparisons between different companies and financial statements.

Overall, the purpose of the conceptual framework is to provide a common foundation for financial reporting, ensuring consistency, clarity, and comparability in the presentation and measurement of financial information.