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EFRAG believes Conceptual Framework should contain guidance on asymmetry

  • IFRS - EFRAG Image

Dec 21, 2016

On December 21, 2016, the European Financial Reporting Advisory Group (EFRAG) wrote to the IASB asking for the Conceptual Framework to include directions for the use of asymmetry.

As EFRAG notes, the IASB decided unanimously at its October 2016 meeting while discussing the Conceptual framework project that the Conceptual Framework should acknowledge that in financial reporting standards asymmetry may sometimes arise as a consequence of requiring the most useful information.

EFRAG supports the decision but believes that such an acknowledgement by itself is not sufficient and that the Conceptual Framework should also include guidance regarding the use of asymmetry when developing recognition and measurement principles. EFRAG quotes examples and also points out that in some cases potential guidance has already been developed by the IASB staff.

Review the letter on the EFRAG's website.

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