Exposure Draft Updating References to the Conceptual Framework

The International Accounting Standards Board (IASB) published for public comment a separate Exposure Draft Updating References to the Conceptual Frameworkin addition to the Exposure Draft on Conceptual Framework for Financial Reporting.


Some existing International Financial Reporting Standards (IFRS) contain references to, and quotes from, the existing version of the Conceptual Framework or the version that was replaced by the IASB in 2010. This separate Exposure Draft proposes to update those references and quotes so that they refer to the revised Conceptual Framework. In addition, the IASB proposes to remove a number of footnotes that refer to the changes made to the Conceptual Framework in 2010.

 
The proposed amendments are most likely to have an effect when entities use the Conceptual Framework:

(a)          to develop and apply accounting policies when no Standard specifically applies to a  transaction; or

 

(b)    to select or change an accounting policy when a Standard permits a choice of accounting policies.

 

http://www.ifrs.org/Current-Projects/IASB-Projects/Conceptual-Framework/Pages/Updating-References-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.

 

Invitation to comment

 

How 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

Comment letter deadline

The Exposure Draft is open for comment until 25th September, 2015

Due process documents
Exposure Draft Updating References to the Conceptual Framework  [PDF]