Financial reporting / international

October 1, 2013

The IASB began a consultation process with the objective of issuing a revised conceptual framework for financial reporting.

The conceptual framework establishes the concepts that underlie the preparation and presentation of financial statements. The IASB follows the principles in the conceptual framework when developing and revising IFRS.

An IASB discussion paper, available at tinyurl.com/ma5udq6, explores possible changes to the conceptual framework and is designed to gain feedback from stakeholders on issues the board will consider in creating 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.
  • Other comprehensive income.


In addition to seeking input in the form of comment letters, the IASB will undertake an outreach program designed to obtain feedback on the areas covered in the discussion paper. Comments are due Jan. 14, and can be submitted at tinyurl.com/lz4dkza.

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