Exposure Draft published by the International Accounting Standards Board (IASB) for comment only. Comments on the Exposure Draft need to be received by September 25, 2015.

The International Accounting Standards Board (IASB) published for public comment an Exposure Draft proposing a revised Conceptual Framework for Financial Reporting.  The proposals aim to improve financial reporting by providing a more complete, clearer and updated set of concepts that can be used by:

(a)          the IASB when it develops International Financial Reporting Standards (IFRS); and

(b)         others to help them understand and apply those Standards.

This Exposure Draft:

(a)     is more complete than the existing Conceptual Framework because it addresses the following areas that are either not covered, or not covered in enough detail, in the existing Conceptual Framework:

• measurement;
• financial performance (including the use of other comprehensive income);
• presentation and disclosure;
• derecognition; and
• the reporting entity.

(b)     clarifies some aspects of the existing Conceptual Framework.  

ASB invites comments on the following Exposure Draft from the public. The downloadable version of the draft is available at:

http://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Conceptual-Framework-Exposure-Draft-and-Comment-letters.aspx

Comments are invited on the proposals in this Exposure Draft, particularly on the question set out in the Exposure Draft.

 to comment

Comments should be submitted using one of the following methods: 

1. Electronically:    Click on the below mentioned option to submit a comment letter or      Visit at the following link (Preferred method):

                                       http://www.icai.org/comments/asb/   

1. Email:        Comments can be sent to: commentsasb@icai.in 

1. Postal:        Secretary, Accounting Standards Board,

                              The Institute of Chartered Accountants of India,

                              ICAI Bhawan, Post Box No. 7100,

                              Indraprastha Marg,

                              New Delhi 110 002

Further clarifications on this exposure draft may be sought by e-mail to achin.poddar@icai.in