EFRAG draft comment letter on the IASB's exposure draft on updating references to the Conceptual Framework

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

11 Aug 2015

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on IASB exposure draft (ED) ED/2015/4 “Updating References to the Conceptual Framework”.

On 28 May 2015, the IASB issued two EDs, ED/2015/3and ED/2015/4, forming together a new proposed Conceptual Framework and proposed upates of references to the framework. EFRAG published a document for public consultation on the proposed new Conceptual Framework early in July 2015 and later that month requested to extend the comment period related to the ED. The draft comment letter published now refers to the accompanying proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32 in order to update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework.

In the draft comment letter EFRAG expresses concerns about possible unintended effects of the proposed amendments and believes that the amendments should remain editorial in nature. It further questions the feasibility and the enforceability of the proposed amendments to IAS 8 as the exclusive link to the conceptual framework may be difficult to establish.

Comments on the draft comment letter are due by 26 October 2015.

For more information, see the press release and draft comment letter on the EFRAG’s website.

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