This Exposure Draft on Conceptual Framework for Financial Reporting: The Reporting Entity, has been issued by the International Accounting Standards Board with the objective of considering conceptual matters relating to the ‘reporting entity’. The other active phases of the revision to Conceptual Framework for Financial Reporting are considering many conceptual matters, such as:
- the objective of financial reporting and the qualitative characteristics of financial reporting information
- the elements of financial statements
- measurement.
Matters of presentation and disclosure will be considered in later phases.
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Invitation to comments
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ASB invites comments on the said Draft from the public. The downloadable version of the draft is available at http://www.iasb.org/NR/rdonlyres/363A9F3B-D41C-41E7-9715-79715E815BB1/0/EDConceptualFrameworkMar10.pdf. Comments would be most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.
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Comments should be submitted in writing to the Secretary, Accounting Standards Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi-110002, so as to be received not later than May 31, 2010. Comments can also be sent by e-mail at asb@icai.org or edcommentsasb@icai.org.
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