BACK TO BASICS – THE IASB GOES TO WORK ON THE CONCEPTUAL
FRAMEWORK
The IASB rekindled the Conceptual Framework project in
September 2012. We take a look at key questions underpinning the
debate and progress to date.
Focus returns to the nuts and bolts of IFRS – the
Conceptual Framework (the 'Framework') as convergence
recedes as a priority and the big '4' standard level
projects are nearly behind us. It was identified as a high priority
in the recent agenda consultation. A discussion paper (DP) is
expected this summer; it is time to get engaged in the debate.
Project in a nutshell
There are hopes that a completed Framework will enhance standard
setting going forward. The project's objective is to give the
Board a clear conceptual basis for its decisions going forward. It
should also provide preparers another reference point, especially
in circumstances where standard level guidance does not exist.
