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IBFed Letter on Conceptual Framework for Financial Reporting

26 Nov 2015

The IBFed is grateful for the opportunity to comment on the Exposure Draft (ED) ‘Conceptual Framework (CF) for the Financial Reporting’. We take the opportunity to express our support to the IASB to improve the framework as we consider the project very important for the whole standard setting process.

The IBFed agrees that the main purpose of the CF is to assist the IASB in developing standards that are based on consistent concepts. We note that there are several areas e.g. measurement basis, derecognition, performance reporting where the CF is not definitive and suggests that solutions will need to be developed at the standards level. While we do not disagree with this approach, we note that, to meet the objectives of the CF, the IASB will need to compare the conclusions in these areas across standards and be clear why these are the same or different.

Please read the full letter via the link below

IBFed Letter on Conceptual Framework for Financial Reporting
 
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