The PwC global network of firms submitted comments on the IASB’s exposure draft (ED), Conceptual Framework for Financial Reporting. Overall, we support the IASB’s efforts to revise the conceptual framework and believe the proposals in the ED will improve the current framework. The framework is evolutionary and thus we agree with the IASB’s approach of updating, improving, and filling in gaps without fundamentally reconsidering all aspects of the framework. We note that additional updates may be warranted in the future when decisions at the standards level significantly advance the thinking on framework-level concepts (for example, future improvements to the distinction between liabilities and equity).
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