ICAS response to IASB Exposure Draft Conceptual Framework

ICAS has responsed to IASB Exposure Draft on Conceptual Framework for Financial Reporting

25 December 2015

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Key points

  • ICAS strongly supports the IASB’s work to review and update the Conceptual Framework.
  • ICAS welcomes the fact that the IASB has sought to address concerns raised by ICAS and other commentators in response to the discussion paper, and in many respects we find the Exposure Draft a significant improvement on that document.
  • ICAS welcomes the improved discussion of stewardship and prudence, measurement and recognition.
  • However, the role of stewardship should be strengthened further, and a more fundamental discussion of how to define financial performance, profit and other comprehensive income is necessary..


  • Consultations and responses
  • Corporate and financial reporting

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