The International Accounting Standards Board (IASB) has issued a revised draft of its conceptual framework after tackling other issues stemming from the financial crisis.
The new discussion paper explores changes to the framework for financial reporting and is the first step towards issuing a revised ‘conceptual framework’.
It sets out the concepts that underlie the preparation and presentation of financial statements and identifies principles for the IASB to use when it develops and revises its IFRS.
The existing framework has enabled the development of high quality IFRS that have improved financial reporting, however, it does not cover some important areas and some guidance needs updating, according to the IASB.
Following a 2011 consultation on the board’s future agenda, respondents made it clear that they...