The IASB staff have created a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the changes proposed in the Exposure Draft Conceptual Framework for Financial Reporting.
Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the Board's thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:
- refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
- a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
- confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.
A new presentation was published every week, and each one can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.
Below is an overview of the topics that are covered.