In January 2013, the International Accounting Standards Board commenced the process of reviewing and revising the existing Conceptual Framework for Financial Reporting and subsequently release a discussion paper in July 2013. Within this discussion paper, the IASB identified a number of problems with the existing Conceptual Framework at the time, specifically:
(a) important areas were not covered. For example, the existing Conceptual Framework provided very little guidance on measurement, presentation, disclosure or how to identify a reporting entity;
(b) the guidance in some areas was unclear. For example, the existing definitions of assets and liabilities could be improved; and
(c) some aspects of the existing Conceptual Framework are out of date and fail to reflect the current thinking of the IASB. For example, the existing Conceptual Framework states that an asset or a liability should be recognised only if it is probable that there will be a flow of economic resources.
1. With reference to the IFRS (IASB) website and associated resources, as well as the relevant accounting literature, explain the objectives and purpose of the conceptual framework
2. With reference to the IASB Conceptual Framework Project website and associated resources, as well as the relevant accounting literature, explain why the IASB decided to revise the conceptual framework with specific reference to:
a. Measurement, presentation and disclosure; b. Definitions of an asset and liability and recognition criteria; and
c. The roles of stewardship and prudence in financial reporting
3. Identify and explain, according to the IASB, the following main improvements which have been made to the conceptual framework:
a. Factors to be considered when selecting a measurement basis;
b. The classification of income and expenses in other comprehensive income; and
c. Guidance on when assets and liabilities are to be removed from financial statements;
4. How does the revised conceptual framework update:
a. The definitions of an asset and a liability; and
b. The criteria for including assets and liabilities in financial statements
5. Explain how and why, with reference to the IASB Conceptual Framework Project website and associated resources, information used in assessing stewardship is needed to achieve the objective of financial reporting.
6. With reference to the references below, identify and explain arguments as to whether the conceptual framework needed to be revised in order to provide the IASB with a better basis for standard setting
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