EFRAG issues feedback statement on the IASB’s Discussion Paper DP/2013/1 ‘A Review of the Conceptual Framework for Financial Reporting’

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

13 Mar, 2014

The European Financial Reporting Advisory Group (EFRAG) has published a feedback statement summarising the main comments received from constituents invited to respond to their draft comment letter in relation to the International Accounting Standards Board’s (IASB’s) Discussion Paper DP/2013/1 ‘A Review of the Conceptual Framework for Financial Reporting’.

The IASB’s Conceptual Framework sets out the concepts that underlie the preparation and presentation of financial statements.  The Conceptual Framework identifies the principles for the IASB to use when it develops and revises International Financial Reporting standards (IFRSs).  The DP was published in July 2013 and contained proposals for topical areas where it considered that amendments to the existing Conceptual Framework were necessary. Included in the DP were proposals to revise the definitions of an asset and a liability, to introduce guidance on derecognition, to clarify the objective and purpose of other comprehensive income and to set a framework for presentation and disclosure. 

EFRAG published their draft comment letter in September 2013 and the final comment letter was published in February 2014. 

The feedback statement (link to EFRAG website) provides an analysis of the EFRAG tentative position expressed in the draft comment letter, describes the comments received from constituents and then highlight how these comments were considered by the EFRAG Technical Group (EFRAG TEG) in reaching their final position on the IASB DP set out in their final comment letter to the International Accounting Standards Board (IASB).  The feedback statement also provides an overview of the outreach events conducted by EFRAG together with the National Standard Setters of Germany, The Netherlands, Denmark, Austria, Lithuania, Poland and Luxembourg.

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