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FRC publishes draft Accounting Council advice on Conceptual Framework Exposure Draft

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22 Sep 2015

The Financial Reporting Council (FRC) has published the tentative views of its Accounting Council on the International Accounting Standard Board’s (IASB’s) Conceptual Framework Exposure Draft.

The Accounting Council commenced consideration of the IASB’s Conceptual Framework Exposure Draft at its July meeting and published its tentative views on ‘Stewardship, the business model, prudence and reliability’ and ‘The Statement of Profit or Loss and Other Comprehensive Income’ in July 2015.

The Accounting Council continued its consideration of the Conceptual Framework Exposure Draft at its September meeting.  Tentative views were expressed in the following areas:

  • Elements;
  • Recognition and derecognition;
  • Measurement; and
  • Presentation 

The draft Accounting Council advice is available on the FRC website.

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