Financial reporting / international


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.

SPONSORED REPORT

8 accounting and auditing issues you can’t afford to ignore

Download this sponsored report for an overview of some of the most important developments accountants and auditors are facing today.

DOWNLOAD

Filing season quick guide — Tax year 2014

Tax season started Jan. 20. Download our “quick guide,” a printable card that contains dollar thresholds, tax tables, standard amounts, credits, and deductions to keep at your fingertips during tax season.

TAX NEWS

Expired tax provisions extended for 2014

President Barack Obama signed legislation that retroactively extended more than 50 expired tax provisions for 2014, allowing taxpayers to take advantage of a host of tax incentives during this filing season.