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