Proposed enhancements to the conceptual underpinning of financial reporting

Tags: IFRS

IASB has published for public comment an Exposure Draft Updating References to the Conceptual Framework, which proposes that references to the Conceptual Framework are updated in existing Standards.

The deadline for commenting on the Exposure Drafts is 26 October 2015.

IASB also calls for feedback on proposed enhancements to the Conceptual Framework which underpins IFRS and helps IASB to develop Standards that bring transparency, accountability and efficiency to financial markets around the world. IASB amongst others proposes to reintroduce an explicit reference to prudence as one aspect of the characteristics that make financial statements useful to investors. Until 2010, prudence was included in the Conceptual Framework from IASB, but in the 2010 revision it was removed as a result of the ambiguity of the definition og "prudent" used in the past. They preferred to rely on other ways of describing what is meant by good-quality financial reporting. However, a number of stakeholders responded to the Discussion Paper on the Conceptual Framework that accounting standards should be founded explicitly on the concept of ‘prudence’. Hence, the are now seeking to explore how they might helpfully reintroduce the term.

To submit your comments please visit the project homepage on

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