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Conceptual Framework Phase A — Objective and Qualitative Characteristics

Date recorded:

At the October 2007 meeting the Board decided (i) to withdraw the relevant paragraphs on the objective and qualitative characteristics in the existing Framework and replace them with new Chapters 1 and 2 when they are finalised and (ii) to make consequential amendments to the rest of the existing Framework only when they are essential.

At this meeting the Board discussed three options in relation to the replacement of the term 'reliability' with 'faithful representation' and, in particular, its implications for the recognition criteria in paragraph 86 of the existing Framework, which deal with the reliability of measurements.

Option A:

Delete references to paragraphs that are withdrawn.

Under this option the phrase 'as discussed in paragraphs 31 to 38 of this Framework' would be removed from paragraph 86. Accordingly, the new Framework would contain the two terms 'reliability' and 'faithful representation' but no definition of 'reliability'.

Option B:

Include a rubric to tell constituents that some paragraphs in the existing Framework have been withdrawn and replaced with new chapters 1 and 2. Include, by way of footnote, the existing definition of 'reliability' the first time 'reliability' appears in the new Framework.

Under option B the new Framework would also contain the two terms 'reliability' and 'faithful representation'. However, in contrast to option A, the definition of 'reliability' in paragraph 31 of the existing Framework would be added as a footnote to paragraph 86.

Option C:

Update the recognition criteria in paragraph 86 to reflect the change in terminology. In this case the new Framework would contain only the term 'faithful representation'.

Under all options constituents would have to look at the basis for conclusions to be informed that 'reliability' and 'faithful representation' are essentially the same.

Some Board members noted that the term 'reliability' was removed for a good reason, namely that the term has been misunderstood in the past. Therefore, it should not be retained in the revised Framework. Other Board members pointed out that it would be helpful to retain the term 'reliability' until finalisation of the measurement part of the project (Phase C).

Finally, the Board agreed by majority vote to proceed with option B.

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