Exposure Draft and comment letters—Updating References to the Conceptual Framework

 

On 28 May 2015 the International Accounting Standards Board (IASB) published for public comment a separate Exposure Draft Updating References to the Conceptual Framework (the ‘Updating References Exposure Draft’) in addition to the Exposure Draft Conceptual Framework for Financial Reporting (the ‘Conceptual Framework Exposure Draft’).  

The Updating References Exposure Draft aims to provide transition to the revised Conceptual Framework proposed in the Conceptual Framework Exposure Draft.  To achieve that, the Updating References Exposure Draft proposes to update, in existing Standards, references to, and quotes from, the existing version of the Conceptual Framework or the version that was replaced in 2010 so that they refer to the revised Conceptual Framework.

The proposed amendments are most likely to have an effect when entities use the Conceptual Framework:

  1. to develop and apply accounting policies when no Standard specifically applies to a  transaction; or
  2. to select or change an accounting policy when a Standard permits a choice of accounting policies.

The Exposure Draft was open for comment until 26 October 2015.

 

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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