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

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.