Background

The FRC is contributing to IASB’s work to develop its Conceptual Framework for Financial Reporting by working in partnership with EFRAG and the national accounting standard-setters of France, Germany and Italy under the title “Getting a Better Framework”.

Because of the paramount importance of the new Framework for the development of new standards and the revision of existing standards and the fact that it will have to be considered when dealing with issues that are not addressed in the standards, the new Framework will have long lasting and substantial influence. Therefore, EFRAG, ANC, ASCG, OIC and FRC want to make sure the European views are among those considered in the development.

Current status of the project

A number of Conceptual Framework bulletins have been issued to date:

• Getting a Better Framework - Our Strategy - January 2013.
• Getting a Better Framework - Prudence - April 2013.
• Getting a Better Framework - Reliability of Financial Information - April 2013.
• Getting a Better Framework - Uncertainty - April 2013.
• Getting a Better Framework - The Role of the Business model in financial reporting - June 2013.
• Getting a Better Framework - The Role of a Conceptual Framework - June 2013.
• Conceptual Framework bulletin on the asset/liability approach - September 2013.
• Conceptual Framework bulletin on accountability and the objective of financial reporting - September 2013.
• Conceptual Framework bulletin on complexity in financial statements - February 2014.