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IASB staff suggests extending the comment period for the Conceptual Framework ED

  • IASB (International Accounting Standards Board) (blue) Image

03 Sep 2015

An agenda paper for the IASB meeting in September recommending to extend the comment period for the Conceptual Framework ED from 150 to 180 days, ending on 25 November 2015 has been uploaded to the IASB's website.

Since publishing the Conceptual Framework ED in May 2015, numerous requests to extend the comment period by up to two months from stakeholders from various jurisdictions (among them from EFRAG and the ASBJ) have reached the IASB. The following reasons for asking for an extension were cited:

  • The Conceptual Framework project is very important and will have a profound and overarching effect on the outcomes of future standard-setting processes. It is essential that the IASB's constituents have sufficient time to study the proposals in the ED.
  • The IASB had argued that a 150-day comment period would suffice as constituents would already be familiar with the content of the ED as it is based on the July 2013 Discussion Paper. However, there have been significant changes since then.
  • Some constituents feel that the ED does not provide sufficient principle based guidance on important issues such as the selection of measurement bases and what should be reported in OCI. They indicated that they might want to develop and provide suggestions on how to deal with these issues, which would take additional time.
  • In some jurisdictions, the period available for debating the ED would be shortened by the time it takes to translate the long and complex document.

The IASB staff believes these reasons are valid and therefore recommends extending the comment period for both, ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework by one month.

Please click to access the agenda paper on the IASB's website.

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