EFRAG issues feedback statement on its public consultation document on the IASB Exposure Draft of a new Conceptual Framework

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

15 Mar, 2016

The European Financial Reporting Advisory Group (EFRAG) has published its feedback statement summarising the main comments received from constituents invited to respond to its public consultation in relation to the International Accounting Standard Board’s (IASB’s) exposure draft ED/2015/3 'Conceptual Framework for Financial Reporting'.

The International Accounting Standards Board (IASB) published the comprehensive Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting containing proposals for topical areas where it considers a revision and amendment of the existing Conceptual Framework necessary on 28 May 2015. Included in the ED are proposals to revise the definitions of an asset and a liability, to introduce guidance on measurement and derecognition, and to set a framework for presentation and disclosure.

EFRAG published a document for public consultation on the proposals on 8 July 2015 and its final comment letter on 23 December 2015 (link to EFRAG website).

This feedback statement summarises the main comments received by EFRAG on its Document for Public Consultation in response to the IASB’s ED and explains how those comments were considered by EFRAG in its discussions on its final comment letter.

The press release and full feedback statement are available on the EFRAG website.

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