Discussion Paper and Comment letters
The International Accounting Standards Board (IASB) today published for public comment a Discussion Paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting. The Discussion Paper is the first step towards issuing a revised Conceptual Framework.
The Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements. It identifies principles for the IASB to use when it develops and revises its IFRS.
The existing Conceptual Framework has enabled the IASB to develop high quality IFRS that have improved financial reporting. However, it does not cover some important areas and some guidance needs updating.
In 2011, the IASB carried out an extensive public consultation to assist in identifying priorities for its agenda. Most respondents to that consultation identified work on the Conceptual Framework as a high priority.
This Discussion Paper is designed to obtain initial views and comments on important issues that the IASB will consider as it develops an Exposure Draft of a revised Conceptual Framework. The issues include:
- definitions of assets and liabilities;
- recognition and derecognition;
- the distinction between equity and liabilities;
- presentation and disclosure; and
- other comprehensive income.
Comment letter deadline
The Discussion Paper is open for comments until 14 January 2014.
All comment letters should be submitted via the online upload page below. Please refrain from sending comment letters to IASB or IFRS Foundation individuals as this risks duplication and may cause delays in the posting of letters onto the ifrs.org website. Board and staff members have access to all comment letters submitted via the online upload page. You must be a registered eIFRS user to submit a comment letter. Registration is free, and you can register here (registration is free).
Submit a comment letter.
Please note: when submitting a comment letter or when communicating with the IFRS Foundation, the IASB or any of its constituent bodies, you acknowledge and accept the IFRS Foundation Written Communication policy which details how we use and process your data.
View the Comment letters .