What is the issue?
The IASB has issued a discussion paper (DP) on its Conceptual Framework (the ‘Framework’). The project was restarted in 2012 in response to feedback from the public consultation launched by the IASB to receive input for its future work plan. Many responded that the IASB should give priority to updating the framework.
The IASB initiated a project in 2004 to replace the existing framework originally published in 1989. It published two chapters, on ‘the objectives of general purpose financial reporting’ and ‘the qualitative characteristics of financial statements’ and an exposure draft on the reporting entity in 2010, before the project was suspended.