Discussion Paper and comment letters—A Review of the Conceptual Framework for Financial Reporting

 

The International Accounting Standards Board (IASB) 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;
  • measurement;
  • presentation and disclosure; and
  • other comprehensive income.

The Discussion Paper was open for comment until 14 January 2014.

 

Comment letters are public and all comment letters received on the due process document can be accessed below.

If you have trouble finding a specific comment letter, please contact us.

Access individual comment letters in the table below or download all letters as zip file.

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