The IASB staff are creating a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the proposed changes that are currently being consulted on.
Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the IASB’s thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:
- refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
- a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
- confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.
A new presentation will be published every week and can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.
|Chapter 3—the reporting entity||Watch here|