Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting Exposure Draft ED/2015/4: Updating References to the Conceptual Framework

Size: px
Start display at page:

Download "Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting Exposure Draft ED/2015/4: Updating References to the Conceptual Framework"

Transcription

1 Central Finance Shell International Limited Shell Centre London SE1 7NA Tel November 2015 International Accounting Standards Board 30 Cannon Street London EC4M 6XH Dear Sir or Madam, Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting Exposure Draft ED/2015/4: Updating References to the Conceptual Framework We are pleased to take this opportunity to respond to the Exposure Draft (ED/2015/3) Conceptual Framework for Financial Reporting, and the accompanying ED/2015/4 Updating References in the Conceptual Framework. We commend the IASB for giving priority to this project, which we and many other constituents called for in responding to the 2011 Agenda Consultation. We also welcome certain changes to the draft Conceptual Framework in the ED compared with the 2013 Discussion Paper (DP), for example to give more emphasis to stewardship and to improve the guidance on measurement. However we still have some concerns with the proposals and these are set out in our responses in Appendix 1 (ED/2015/3) and Appendix 2 (ED/2015/4) to the specific questions. A key concern remains that the changes to the asset and liability definitions coupled with those to recognition may have a detrimental effect on financial reporting. We recommend the changes are field-tested in order that both the IASB and its constituents can understand the impact in practice on reporting and standard-setting. In addition we believe there is lack of a clear conceptual basis for the use of other comprehensive income and in the definition of financial performance. Please do not hesitate to contact me if you have any questions about the responses. Yours faithfully, Simon Ingall Registered in the Netherlands number Registered office: Carel van Bylandtlaan 30, 2596 HR, The Hague, The Netherlands VAT registration number NL B29

2 Head, Accounting Policies Research & Development Appendix 1 Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting Question 1 Proposed changes to Chapters 1 and 2 Do you support the proposals: (a) to give more prominence, within the objective of financial reporting, to the importance of providing information needed to assess management s stewardship of the entity s resources; (b) to reintroduce an explicit reference to the notion of prudence (described as caution when making judgements under conditions of uncertainty) and to state that prudence is important in achieving neutrality; (c) to state explicitly that a faithful representation represents the substance of an economic phenomenon instead of merely representing its legal form; (d) to clarify that measurement uncertainty is one factor that can make financial information less relevant, and that there is a trade-off between the level of measurement uncertainty and other factors that make information relevant; and (e) to continue to identify relevance and faithful representation as the two fundamental qualitative characteristics of useful financial information? Why or why not? We welcome the additional prominence given to stewardship. We also welcome the reintroduction of prudence but we do not agree with the IASB s rationale - apparently as a means of counteracting of what it believes is management bias towards optimism - and therefore we are not clear how it would play a part in the IASB s considerations of recognition and measurement at standards level. We have the following detailed comments: Paragraph 2.4 states that If financial information is to be useful, it must be relevant and faithfully represent what it purports to represent. Therefore, it is either relevant or not relevant (or a faithful representation or not) and, contrary to paragraphs , there must be a degree of measurement uncertainty that causes financial information not to be relevant (or not to be a faithful representation) and therefore not to be useful. It might be clearer for constituents if the Conceptual Framework would use the terms assets and liabilities consistently throughout the document. Is there a good reason in referring to the resources of the entity and claims against the entity when these are no different from assets and liabilities? We comment further on this when responding below to Question 3. The discussion of measurement uncertainty is now included within relevance. Previously it was mentioned in paragraph However, with reference to paragraph 2.20, it is necessary to consider both relevance and faithful representation when selecting a measurement basis, taking uncertainty into account. Would it be better to move the text in (and subject to the first bullet point above) into the section ? In paragraph 2.18, it is not clear why more emphasis is given to the second statement by adding the because phrase. It would be more neutral to add because such mis-statements can lead to the understatement of income or the overstatement of expenses in future periods to the third sentence. Question 2 Description and boundary of a reporting entity Do you agree with: (a) the proposed description of a reporting entity in paragraphs ; and (b) the discussion of the boundary of a reporting entity in paragraphs ? Why or why not? 2

3 Paragraph 3.15 appears to introduce the term unconsolidated financial statements for the financial statements of a reporting entity whose boundary is based on direct control only (and further discussed in paragraphs ). This may or may not be a better term than separate financial statements, but there is no mention in this ED or ED/2015/4 of consequential changes to the term used in standards. The relevant section of the Basis for Conclusions (paragraph BC ) needs some amendments to improve the language, and consistency with the ED itself. For example, paragraph BC3.10 states Hence, if an entity controls one or more entities, it should present consolidated financial statements but of course an entity - even if it controls other entities - may not be required (or choose) to prepare consolidated financial statements. Also we do not believe it is part of the IASB s role, and in any case it is not a conceptual issue, to dictate that it is necessary to disclose in the unconsolidated financial statements how users may obtain the consolidated financial statements (paragraph 3.25). Question 3 Definitions of elements Do you agree with the proposed definitions of elements (excluding issues relating to the distinction between liabilities and equity): (a) an asset, and the related definition of an economic resource; (b) a liability; (c) equity; (d) income; and (e) expenses? Why or why not? If you disagree with the proposed definitions, what alternative definitions do you suggest and why? Contrary to paragraph BC4.17, we believe that having the potential to produce is a broader term than expected. We consider that the proposed changes to the definitions of an asset and a liability, when coupled with the proposed recognition criteria, may have a detrimental effect on financial reporting. Complexity is added in terms of the need to determine whether, in the case of assets, a right has the potential to produce economic benefits rather than whether it is expected to do so (and if so then in having to go through consequential recognition/measurement exercises or disclosures of unrecognised assets) with no benefit. If an item is not expected to result in an inflow or outflow of economic benefits then that should be a sufficient place to draw the line. We do not see how including other items will better meet the objective of financial reporting. And, as it will not necessarily always be a fact as to whether an item has that potential, a judgement would then have to made in any case as to whether an item is expected to have it, which renders the change rather pointless. We also believe that the proposed definition of an asset could be simplified and made more consistent because: use of the word present alongside economic resource or obligation seems unnecessary. We note that references in section 1 to resources and claims are not preceded by that word; as stated in our response to the DP, the use of a definition that is reliant on a supporting definition may be unhelpful (as noted in paragraph BC4.9(c)); that supporting definition uses the word economic twice; contrary to paragraphs BC2.32 and BC4.16, if the IASB believes that has the potential to and is capable of have the same meaning, it would be clearer to use consistent language throughout the ED; and we have doubts as to whether as a result of past events is necessary or is, like present, simply tautology. It is difficult to see how an entity can have a right (or an obligation) that can arise other than from past events (as expressed by respondents; refer to paragraph BC4.20). 3

4 The definition of an asset would therefore be a right controlled by the entity that is expected to produce economic benefits. We agree with paragraph 4.10 that rights that are identical to those held by all other parties do not give the entity the potential to receive economic benefits beyond those available to all other parties, but the words we have underlined do not appear in the definition of an asset. Under that definition therefore, these would still be assets. It would seem that a better argument here (and in BC4.38) to exclude such items under the proposed definition is that the entity does not control these rights? We believe that it should be possible to be consistent and replace the term economic resources in paragraph 4.8 and later paragraphs. For example, it seems confusing and somewhat circular to define an economic resource as a right that etc and then refer in paragraph 4.8(a)(iii) to a right to exchange economic resources etc. We would also amend the definition of a liability accordingly (and refer to our response to Question 4 below). As regards the definitions of income and expenses, we believe that the words that result in increases/decreases in equity are unnecessary in paragraphs 4.48 and Question 4 Present obligation Do you agree with the proposed description of a present obligation and the proposed guidance to support that description? Why or why not? For consistency with our proposed definition of an asset (refer to our response to Question 3 above), our proposed definition of a liability would be an obligation which an entity has no practical ability to avoid to transfer a right that is expected to produce economic benefits. Paragraph 4.31 can be deleted. In any case, there seems to be some confusion in the definitions proposed in the ED. If a present obligation must have arisen from past events (as stated in paragraph 4.31(b)), then it is duplication also to include as a result of past events in the definition of a liability in paragraph Otherwise we agree with the related guidance in the ED and consider its inclusion, if translated into accounting standards, would improve their practicability and the understandability of the outcome. Question 5 Other guidance on the elements Do you have any comments on the proposed guidance? Do you believe that additional guidance is needed? If so, please specify what that guidance should include. It is not clear why paragraph 4.46, which appears to relate to presentation and disclosure, should be included in a section on definition. (And the heading Equity should be Definition of equity consistent with the headings for the other elements of financial statements; even if its definition is as a residual.) The section Unit of account relates more to recognition and measurement (Chapter 5). Question 6 Recognition criteria Do you agree with the proposed approach to recognition? Why or why not? If you do not agree, what changes do you suggest and why? We refer to the concerns expressed in our response to the DP regarding the elimination of the probability criteria and the impact on financial reporting (reproduced in italics below). We are still concerned about the implications for items that are not covered in an existing standard (and the implications for changes in the future to existing standards). We disagree with paragraph BC5.39 that a probability threshold is not 4

5 sufficiently aligned with the concept (relevance) that it is supposed to achieve. We do not see how widening the scope will better meet the objective of financial reporting. Coupled with the proposed new definitions of assets and liabilities, in theory a preparer is faced with more complexity in terms of seeking out any such items that might now qualify as assets and liabilities and, if so, in deciding whether they should be recognised (and then how they are measured, and/or disclosed as unrecognised assets and liabilities). We do not see that the outcome will better meet the objective of financial reporting. It is difficult to see the benefit to users of recognising an asset or liability which does not meet that threshold of certainty. We are concerned that in practice the changes proposed in the DP to the definitions and to recognition taken together may significantly complicate the development of future accounting standards and lead to less clarity as regards existing IFRSs Under the DP s proposals, an asset or a liability will always appear on the balance sheet unless the IASB decides, on a case-by-case basis for each new accounting standard, that it meets at least one of the proposed non-recognition criteria. This could become a major focus of debate during the standard-setting process; particularly as one of the criteria relates to cost/benefit which is often highly contentious. The Framework is intended to assist the IASB but also has a role of assisting other parties in interpreting standards and developing accounting policies. It is difficult to see how this role would work if such key issues are only decided on a case-by-case base. It appears that all assets or liabilities are recognised unless an individual standard specifically states otherwise. The ED appears even less clear about criteria for disclosures about unrecognised assets and liabilities. Paragraphs implies they are always required which, as noted above, could open a can of worms; paragraph 5.11 states that disclosures may be needed. The second sentence of paragraph 5.3 is not related to recognition but to presentation and disclosure. We believe that (paragraph 5.9) it is irrelevant (and somewhat presumptuous) to say that the failure to recognise some assets and liabilities makes financial statements less complete. It seems to imply that recognition should be automatic, rendering criteria unnecessary. We suggest deleting that part of the text. Question 7 Derecognition Do you agree with the proposed discussion of derecognition? Why or why not? If you do not agree, what changes do you suggest and why? We have no comments. Question 8 Measurement bases Has the IASB: (a) correctly identified the measurement bases that should be described in the Conceptual Framework? If not, which measurement bases would you include and why? (b) properly described the information provided by each of the measurement bases, and their advantages and disadvantages? If not, how would you describe the information provided by each measurement basis, and its advantages and disadvantages? Question 9 Factors to consider when selecting a measurement basis Has the IASB correctly identified the factors to consider when selecting a measurement basis? If not, what factors would you consider and why? Question 10 More than one relevant measurement basis Do you agree with the approach discussed in paragraphs and BC6.68? Why or why not? 5

6 We agree that the ED correctly identifies the appropriate measurement bases; this is much clearer than in the DP. Whilst we understand why the IASB might seek to explain the outcome in this way, it does not seem to be internally consistent to refer (for example in paragraph 6.29 and in Table 6.1) to the use of a measurement basis for income and expenses. The ED states that income and expenses are the result of changes in assets and liabilities (paragraphs ). We therefore find the sections on the statement of financial performance somewhat confusing. It is, for example, difficult to rationalise the item impairment losses in each of the three columns. Paragraph 6.48 also refers to selecting a measurement basis for the related income and expenses. We note there is a more consistent description in paragraph 7.11: income or expenses arising from change in the carrying amount of an asset or liability. The focus should be on considering the measurement basis (for recognised assets and liabilities) that, taking into account the qualitative characteristics and cost constraint, produces the most appropriate outcome for both the statement of financial position and the statement(s) of financial performance in meeting the objective of financial reporting. And, even more important on our view, is considering whether a different measurement basis may be more appropriate for allocating the change in the carrying amount of assets and liabilities between the statement of profit and loss and other comprehensive income (paragraph 6.76). We refer to this further in our response below to Question 12. We have the following further detailed comments: We believe that paragraph 6.77 should be re-worded as it implies there is a single measurement basis selected for the statement of profit and loss, and that the income or expenses are measured using that basis. In respect of the discussion in the ED on current value measurement bases, we are not sure whether the level of detail in paragraphs 6.46 is necessary in a Conceptual Framework. Also paragraph 6.23 implies that there is only one valuation technique for determining fair value. Question 11 Objective and scope of financial statements and communication Do you have any comments on the discussion of the objective and scope of financial statements, and on the use of presentation and disclosure as communication tools? We understand that the presentation and disclosure concepts set out in the ED will be developed further within the IASB s Disclosure Initiative. Paragraph 7.2(a) implies that, to meet the objective of financial statements, all items that meet the definition of an element must be recognised. We would recommend re-wording this (perhaps to certain items) to avoid a contradiction with Chapter 5 (and to ensure that references to unrecognised items in 7.2(b)(ii) and 7.3(a) would still apply). Question 12 Description of the statement of profit or loss Do you support the proposed description of the statement of profit or loss? Why or why not? If you think that the Conceptual Framework should provide a definition of profit or loss, please explain why it is necessary and provide your suggestion for that definition. Question 13 Reporting items of income or expenses in other comprehensive income Do you agree with the proposals on the use of other comprehensive income? Do you think that they provide useful guidance to the IASB for future decisions about the use of other comprehensive income? Why or why not? If you disagree, what alternative do you suggest and why? We appreciate the efforts made by the IASB during this project to try to ensure that any noise i.e. changes in assets and liabilities generated by use of the current value measurement basis which do not represent the 6

7 primary component of financial performance, is kept out of the statement of profit or loss. We had raised some concerns when responding to the ideas in the DP, which perhaps had not been fully developed. And we continue to believe that the distinction between profit or loss and other comprehensive income (OCI) is much more than a presentation issue. However, whilst the proposed purpose of the statement of profit or loss in the ED (paragraph 7.20) is an improvement, we have some sympathy with the alternative view expressed in paragraphs AV2-AV5, in particular about the lack of a clear conceptual basis for the use of OCI and a definition of financial performance. In particular, the purpose of the statement of profit or loss in the ED somewhat relies on the term return on economic resources and therefore is still not be sufficiently robust, and it causes confusion with its use in paragraph 1.16 where it appears to refer to the overall financial performance. The purpose of the statement of profit or loss should be clearly linked to the objective of financial reporting in respect of financial performance i.e. to provide information about an entity s income and expenses that is useful to users of the financial statements in assessing the prospects for future net cash inflows to the entity and in assessing management s stewardship of the entity s resources. (The outcome should result in minimising the need for management to provide additional information when communicating with investors.) Therefore it should be the subset of the statement of financial performance that best achieves this objective by including the components of changes in assets and liabilities as a result of transactions and other events that have the most persistence and predictive value. (Of course, one might question why it would useful to measure any assets and liabilities at current value if it does not provide the most appropriate information in terms of persistence and predictive value but, for example in the case of defined benefit plans, it is perhaps the least worst option.) In respect of the proposed rebuttable presumptions (paragraphs ), we consider that only income or expenses that relate to assets or liabilities measured at current values should be candidates for allocation between the statement of profit or loss and OCI. We believe the purpose proposed above for the statement of profit or loss should eliminate the need for other rebuttable presumptions. Using a different measurement basis to measure assets and liabilities to generate the portion of income and expense to be included in profit and loss may be a convenient tool, but without a robust purpose, it is not clear in the ED as to whether this would result in the most appropriate information about financial performance. Question 14 Recycling Do you agree that the Conceptual Framework should include the rebuttable presumption described above? Why or why not? If you disagree, what do you propose instead and why? We agree with the presumption, although the wording in paragraphs should be aligned with the proposed definition for the purpose of the statement of profit or loss set out above in our response to Question 13. Question 15 Effects of the proposed changes to the Conceptual Framework Do you agree with the analysis in paragraphs BCE.1 BCE.31? Should the IASB consider any other effects of the proposals in the Exposure Draft? 7

8 We do believe that it is important that that the changes to the definitions of elements and to recognition are field-tested as we are concerned about unexpected consequencies. Please also refer to our response to ED/2015/4 in Appendix 2. Question 16 Business activities Do you agree with the proposed approach to business activities? Why or why not? In our response to the DP, we asked that the role of the business model in financial reporting should be explicitly stated in the Framework. Whilst we do not necessarily agree with the arguments used by the IASB to justify why the term business model is not used in the ED, we welcome the inclusion of the need to take into account how an entity conducts its business activities, particularly in measurement and presentation. With respect to presentation, we note that paragraph BCIN.33 states (with a cross-reference to paragraph 7.19) that it is relevant in deciding whether to include income and expenses in profit or loss or in OCI (which we would welcome). However we could not see this mentioned in paragraph 7.19 nor could we see that the IASB has explained how it is relevant to the proposed approach in paragraphs Question 17 Long-term investment Do you agree with the IASB s conclusions on long-term investment? Why or why not? We consider that the needs of long-term investors, including the ability to assess management s stewardship, should be the focus of standard-setting and actually we believe that this is reflected in the ED s proposals. It does not, of course, mean that the use of current value measurements is never appropriate. Question 18 Other comments Do you have comments on any other aspect of the Exposure Draft? Please indicate the specific paragraphs or group of paragraphs to which your comments relate (if applicable). As previously noted, the IASB is not requesting comments on all parts of Chapters 1 and 2, on how to distinguish liabilities from equity claims (see Chapter 4) or on Chapter 8. We note that Chapter 8 Concepts of capital and capital maintenance is largely unchanged from the current Conceptual Framework. We are not clear why this chapter is still considered necessary but, if it is to be retained, the references to profit (and to being the residual amount that remains after expenses have been deducted from income) appear to be inconsistent with its use elsewhere in the ED. In fact on page 17 of the document it states that the ED does not define profit or loss. Whilst we have no comments on the content of Appendix A Cash-flow-based measurement techniques, we would question whether this level of detail should be included in a Conceptual Framework. 8

9 Appendix 2 Exposure Draft ED/2015/4: Updating References to the Conceptual Framework Question 1 Replacing references to the Conceptual Framework The IASB proposes to amend IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32 so that they will refer to the revised Conceptual Framework once it becomes effective. Do you agree with the proposed amendments? Why or why not? We note in paragraph BC6 that the IASB is not proposing to update the existing definition of a liability and an asset in IAS 37 and IAS 38 respectively. In IAS 37 there is a definition of a provision (IAS 37.14) that will apply independent of the definition of a liability and therefore which will not be affected by changes to the Conceptual Framework. However the definitions of an intangible asset and an identifiable asset in IAS 38 depend on the definition of an asset. To avoid confusion and inconsistency, the IASB should clarify that the definition of an asset in IAS 38.8 applies for the purposes of that accounting standard. That should also help mitigate a little the concern set out in our response to ED/2015/3 about the impact of the new definitions of an asset, and related recognition criteria, on reporting. Question 2 Effective date and transition The IASB proposes that: (a) a transition period of approximately 18 months should be set for the proposed amendments. Early application should be permitted. (b) the amendments should be applied retrospectively in accordance with IAS 8, except for the amendments to IFRS 3. Entities should apply the amendments to IFRS 3 prospectively, thereby avoiding the need to restate previous business combinations. Do you agree with the proposed transition provisions and effective date? Why or why not? As discussed above, we have concerns about the proposed new definitions of an asset and a liability, and related recognition criteria. In paragraph BC8-BC12 the IASB only discusses transition for changes to accounting policies resulting from the proposed amendments to the Conceptual Framework. The recognition of (and/or disclosure of unrecognised) new assets or liabilities should be applied prospectively. Question 3 Other comments Do you have any other comments on the proposals? We have no other comments. 9

Insurance Europe comments on the Exposure Draft: Conceptual Framework for Financial Reporting.

Insurance Europe comments on the Exposure Draft: Conceptual Framework for Financial Reporting. To: From: Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH Economics & Finance department Date: 18 November 2015 Reference: ECO-FRG-15-278 Subject:

More information

Exposure Draft Conceptual Framework for Financial Reporting

Exposure Draft Conceptual Framework for Financial Reporting November 26 th, 2015 International Accounting Standards Board 30 Cannon Street, London EC4M 6XH United Kingdom Dear IASB members, Exposure Draft Conceptual Framework for Financial Reporting The Israel

More information

Hans Hoogervorst Chairman International Accounting Standard Board (IASB) 30 Cannon Street London, EC4M 6XH

Hans Hoogervorst Chairman International Accounting Standard Board (IASB) 30 Cannon Street London, EC4M 6XH THE CHAIRPERSON Hans Hoogervorst Chairman International Accounting Standard Board (IASB) 30 Cannon Street London, EC4M 6XH EBA/2015/D/376 25 November 2015 Exposure Draft: Conceptual Framework for Financial

More information

Conceptual Framework Project Update

Conceptual Framework Project Update EFRAG TEG meeting 25-26 January 2017 Paper 07-01 EFRAG Secretariat: Rasmus Sommer This paper has been prepared by the EFRAG Secretariat for discussion at a public meeting of EFRAG TEG. The paper forms

More information

Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH. 24 November Dear Hans

Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH. 24 November Dear Hans Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH 24 November 2015 Dear Hans RE: Exposure Draft: Conceptual Framework for Financial Reporting The Investment Association represents

More information

PAAB SUBMISSION ON ED 2015/7- CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

PAAB SUBMISSION ON ED 2015/7- CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 20 November 2015 IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom Email: commentletters@ifrs.org Dear Sir/Madam PAAB SUBMISSION ON ED 2015/07 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

More information

IASB Staff Paper May 2014

IASB Staff Paper May 2014 IASB Staff Paper May 2014 Effect of Board redeliberations on DP A Review of the Conceptual Framework for Financial Reporting About this staff paper This staff paper updates the proposals in the Discussion

More information

Outreach event Oslo 16 September 2015

Outreach event Oslo 16 September 2015 Conceptual Framework for Financial Reporting Outreach event Oslo 16 September 2015 International Financial Reporting Standards Conceptual Framework for Financial Reporting 16 September 2015 Yulia Feygina,

More information

Conceptual Framework for Financial Reporting

Conceptual Framework for Financial Reporting March 2018 IFRS Conceptual Framework Project Summary Conceptual Framework for Financial Reporting Conceptual Framework at a glance Introduction The International Accounting Standards Board (Board) issued

More information

Mr Hans Hoogervorst International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

Mr Hans Hoogervorst International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom * * cr r European Securities and The Chair I I Markets AuI:hority Date: 17 November2015 ESMA/2015/1 733 * Mr Hans Hoogervorst International Accounting Standards Board 30 Cannon Street London EC4M 6XH United

More information

CONTACT(S) Jelena Voilo

CONTACT(S) Jelena Voilo IASB Agenda ref 10A STAFF PAPER REG IASB Meeting Project Paper topic Conceptual Framework Summary of tentative decisions CONTACT(S) Jelena Voilo jvoilo@ifrs.org +44 207 246 6914 November 2014 This paper

More information

Discussion Paper: A Review of the Conceptual Framework for Financial Reporting

Discussion Paper: A Review of the Conceptual Framework for Financial Reporting THE CHAIRPERSON Hans Hoogervorst Chairman International Accounting Standard Board 30 Cannon Street London EC4M 6XH 14 January 2014 Discussion Paper: A Review of the Conceptual Framework for Financial Reporting

More information

Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting

Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting IFRS Foundation Publications Department 30 Cannon Street London, EC4M 6XH United Kingdom Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting The Edison Electric Institute (EEI), American

More information

Date: 17 November2015 * * ESMAJ2O15/1 734 ***

Date: 17 November2015 * * ESMAJ2O15/1 734 *** * * crn European Securities and The Chair JI I I Markel:s Authority Date: 17 November2015 ESMAJ2O15/1 734 *** Ms Francoise Flores European Financial Reporting Advisory Group (EFRAG) 35 Square de Meeüs

More information

IASB Discussion Paper of A Review of the Conceptual Framework for Financial Reporting

IASB Discussion Paper of A Review of the Conceptual Framework for Financial Reporting Our Ref.: C/FRSC Sent electronically through the IASB Website (www.ifrs.org) 14 January 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sirs, IASB Discussion

More information

IFRS News. Special Edition

IFRS News. Special Edition Accounting News Discussion IFRS News Special Edition A revised Conceptual Framework for Financial Reporting June 2018 The IASB has published a revised version of the Conceptual Framework for Financial

More information

Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting

Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Stockholm 9 January, 2014 Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting

More information

COUNCIL OF AUDITORS GENERAL. IASB Discussion Paper DP/2013/1 - A Review of the Conceptual Framework for Financial Reporting

COUNCIL OF AUDITORS GENERAL. IASB Discussion Paper DP/2013/1 - A Review of the Conceptual Framework for Financial Reporting ACAG AUSTRALASIAN COUNCIL OF AUDITORS GENERAL 8 November 2013 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Mr Hoogervorst IASB

More information

AOSSG comments on IASB Exposure Draft ED2015/3 Conceptual Framework for Financial Reporting

AOSSG comments on IASB Exposure Draft ED2015/3 Conceptual Framework for Financial Reporting 4 December 2015 Mr Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH UNITED KINGDOM Dear Hans AOSSG comments on IASB Exposure Draft ED2015/3 Conceptual

More information

Comments on IASB Exposure Draft Conceptual Framework for Financial Reporting

Comments on IASB Exposure Draft Conceptual Framework for Financial Reporting November 25, 2015 To the International Accounting Standards Board Comments on IASB Exposure Draft Conceptual Framework for Financial Reporting Keidanren endorses the IASB s initiative to revise the Conceptual

More information

KEY FEATURES OF THE NEW IFRS CONCEPTUAL FRAMEWORK

KEY FEATURES OF THE NEW IFRS CONCEPTUAL FRAMEWORK KEY FEATURES OF THE NEW IFRS CONCEPTUAL FRAMEWORK ON 29 MARCH 2018 THE IASB PUBLISHED ITS NEW CONCEPTUAL FRAMEWORK, NEARLY THREE YEARS AFTER THE 2015 EXPOSURE DRAFT. This text is accompanied by amendments

More information

International Accounting Standards Board 30 Cannon Street London EC4M 6XH. 22 March Dear Board members

International Accounting Standards Board 30 Cannon Street London EC4M 6XH. 22 March Dear Board members Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 www.ey.com International Accounting Standards Board 30 Cannon Street London

More information

Comments on the Discussion Paper A Review of the Conceptual Framework for Financial Reporting

Comments on the Discussion Paper A Review of the Conceptual Framework for Financial Reporting 17 January 2014 International Accounting Standards Board 30 Cannon Street London EC 4M 6XH United Kingdom Dear Sir or Madam, Comments on the Discussion Paper A Review of the Conceptual Framework for Financial

More information

Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH. To: Date: 14 January 2014

Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH. To: Date: 14 January 2014 To: Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH Date: 14 January 2014 DP/2013/1: A Review of the Conceptual Framework for Financial Reporting Dear

More information

Applying IFRS. IASB issues revised Conceptual Framework for Financial Reporting. April 2018

Applying IFRS. IASB issues revised Conceptual Framework for Financial Reporting. April 2018 Applying IFRS IASB issues revised Conceptual Framework for Financial Reporting April 2018 Contents Overview 2 Status and purpose of the Conceptual Framework 3 Summary of the concepts 3 Chapter 1 The objective

More information

Rio de Janeiro, January 14, 2014 CONTABILIDADE 0006/2014

Rio de Janeiro, January 14, 2014 CONTABILIDADE 0006/2014 CONTABILIDADE 0006/2014 Rio de Janeiro, January 14, 2014 Mr Hoogervorst, Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Subject: Conceptual Framework

More information

Re: Invitation to comment Exposure Draft ED/2012/4 Classification and measurement: Limited amendments to IFRS 9 Proposed amendments to IFRS 9 (2010)

Re: Invitation to comment Exposure Draft ED/2012/4 Classification and measurement: Limited amendments to IFRS 9 Proposed amendments to IFRS 9 (2010) Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 www.ey.com International Accounting Standards Board 30 Cannon Street London

More information

Comment Letter on the Discussion Paper: A Review of the Conceptual Framework for Financial Reporting

Comment Letter on the Discussion Paper: A Review of the Conceptual Framework for Financial Reporting Verband der Industrie- und Dienstleistungskonzerne in der Schweiz Fédération des groupes industriels et de services en Suisse Federation of Industrial and Service Groups in Switzerland 14 January 2014

More information

The IASB s Exposure Draft Hedge Accounting

The IASB s Exposure Draft Hedge Accounting Date: 11 March 2011 ESMA/2011/89 IASB Sir David Tweedie Cannon Street 30 London EC4M 6XH United Kingdom The IASB s Exposure Draft Hedge Accounting The European Securities and Markets Authority (ESMA) is

More information

Invitation to comment Exposure Draft ED/2017/5 Accounting Policies and Accounting Estimates - Proposed amendments to IAS 8

Invitation to comment Exposure Draft ED/2017/5 Accounting Policies and Accounting Estimates - Proposed amendments to IAS 8 Ernst & Young Global Limited Tel: +44 [0]20 7980 0000 6 More London Place Fax: +44 [0]20 7980 0275 London ey.com SE1 2DA Tel: 023 8038 2000 International Accounting Standards Board 30 Cannon Street London

More information

Re: EFFAS Comment Letter on the Exposure Draft Conceptual Framework for Financial Reporting

Re: EFFAS Comment Letter on the Exposure Draft Conceptual Framework for Financial Reporting IASB International Accounting Standards Board IFRS International Financial Reporting Standard Mr. Hans Hoogervorst 30 Cannon Street London, EC4M 6XH United Kingdom Hamburger Allee 45 DE 60486 Frankfurt

More information

Draft Comment Letter. Comments should be submitted by 18 April 2011 to

Draft Comment Letter. Comments should be submitted by 18 April 2011 to Draft Comment Letter Comments should be submitted by 18 April 2011 to Commentletters@efrag.org [XX April 2011] International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear

More information

Re: Comments on Exposure Draft Conceptual Framework for Financial Reporting

Re: Comments on Exposure Draft Conceptual Framework for Financial Reporting 25 November 2015 Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Re: Comments on Exposure Draft Conceptual Framework for Financial Reporting

More information

Comment letter on ED/2015/3 Conceptual Framework for Financial Reporting

Comment letter on ED/2015/3 Conceptual Framework for Financial Reporting Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH

More information

OSLO 16 SEPTEMBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

OSLO 16 SEPTEMBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING OSLO 16 SEPTEMBER 2015 This feedback statement has been prepared for the convenience of European constituents

More information

ICAP COMMENTS ON IASB DISCUSSION PAPER ON CONCEPTUAL FRAMEWORK

ICAP COMMENTS ON IASB DISCUSSION PAPER ON CONCEPTUAL FRAMEWORK ICAP COMMENTS ON IASB DISCUSSION PAPER ON CONCEPTUAL FRAMEWORK SECTION 1 INTRODUCTION Question 1 Paragraphs 1.25 1.33 of the DP set out the proposed purpose and status of the Conceptual Framework. The

More information

Re: IASB Discussion Paper A Review of the Conceptual Framework for Financial Reporting

Re: IASB Discussion Paper A Review of the Conceptual Framework for Financial Reporting Organismo Italiano di Contabilità OIC (The Italian Standard Setter) Italy, 00187 Roma, Via Poli 29 Tel. 0039/06/6976681 fax 0039/06/69766830 e-mail: presidenza@fondazioneoic.it International Accounting

More information

DRAFT ICAEW REPRESENTATION XX/15

DRAFT ICAEW REPRESENTATION XX/15 DRAFT ICAEW REPRESENTATION XX/15 Conceptual Framework for Financial Reporting ICAEW welcomes the opportunity to comment on the exposure draft Conceptual Framework for Financial Reporting published by the

More information

Invitation to comment Annual Improvements to IFRSs Cycle

Invitation to comment Annual Improvements to IFRSs Cycle Ernst & Young Global Limited 6 More London Place London SE1 2DA Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 International Accounting Standards Board 30 Cannon Street London,

More information

Invitation to Comment Exposure Draft ED/2011/6: Revenue from Contracts with Customers

Invitation to Comment Exposure Draft ED/2011/6: Revenue from Contracts with Customers Roger Harrington BP p.l.c. 1 St. James s Square London SW1Y 4PD 13 March 2012 International Accounting Standards Board 30 Cannon Street London EC4M 6XH By email: commentletters@ifrs.org Direct 01932 758701

More information

RESPONSE TO DISCUSSION PAPER ON A REVIEW OF THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

RESPONSE TO DISCUSSION PAPER ON A REVIEW OF THE CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING 29 January 2014 Mr Hans Hoogervorst Chairman International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) Dear Hans RESPONSE TO DISCUSSION

More information

wxyz890- TUV Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH

wxyz890- TUV Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH Deloitte Touche Tohmatsu 2 New Street Square London EC4A 3BZ United Kingdom Tel: +44 (0) 20 7936 3000 Fax: +44 (0) 20 7583 1198 www.deloitte.com Direct: +44 20 7007 0907 Direct Fax: +44 20 7007 0158 kwild@deloitte.co.uk

More information

Re: Exposure Draft Financial Instruments: Amortised Cost and Impairment

Re: Exposure Draft Financial Instruments: Amortised Cost and Impairment 28 June 2010 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir / Madam Re: Exposure Draft Financial Instruments: Amortised Cost and Impairment On behalf

More information

For Discussion at the WG meeting

For Discussion at the WG meeting For Discussion at the WG meeting Conceptual Framework WG Tomo Sekiguchi WG Leader: Accounting Standards Board of Japan 25 November 2014 1 Objective of the Session To better understand the recent IASB s

More information

European Association of Co-operative Banks Groupement Européen des Banques Coopératives Europäische Vereinigung der Genossenschaftsbanken

European Association of Co-operative Banks Groupement Européen des Banques Coopératives Europäische Vereinigung der Genossenschaftsbanken Mr. Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Brussels, 25 th November 2015 VH/MM/B16 Email: hhoogervorst@ifrs.org IASB Exposure

More information

IFRS Conceptual Framework Conceptual Framework for Financial Reporting

IFRS Conceptual Framework Conceptual Framework for Financial Reporting March 2018 IFRS Conceptual Framework Conceptual Framework for Financial Reporting Conceptual Framework for Financial Reporting Conceptual Framework for Financial Reporting is issued by the International

More information

Mr Hans Hoogervorst Chairman of the International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom.

Mr Hans Hoogervorst Chairman of the International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom. Mr Hans Hoogervorst Chairman of the International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom 10 December 2013 540/602 Dear Mr Hoogervorst Re.: IASB Discussion Paper 2013/1

More information

International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH United Kingdom (By online submission)

International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) 22 March 2013 International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) Dear Sirs RESPONSE TO EXPOSURE DRAFT ON EQUITY METHOD: SHARE OF

More information

Sent electronically through the IASB Website (

Sent electronically through the IASB Website ( Our Ref.: C/FRSC Sent electronically through the IASB Website (www.ifrs.org) 9 March 2011 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sirs, IASB Exposure

More information

Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street EC4M 6XH LONDON United Kingdom

Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street EC4M 6XH LONDON United Kingdom German Savings Banks Association Charlottenstrasse 47 10117 Berlin Germany Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street EC4M 6XH LONDON United Kingdom Contact: Diana

More information

Discussion Paper: A Review of the Conceptual Framework for Financial Reporting

Discussion Paper: A Review of the Conceptual Framework for Financial Reporting Rio Tinto plc 2 Eastbourne Terrace London W2 6LG United Kingdom T +44 (0) 20 7781 2000 F +44 (0) 20 7781 1800 14 January 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United

More information

Accounting Standards Advisory Forum The Conceptual Framework September 2016 The Linkage between Financial Performance and Measurement

Accounting Standards Advisory Forum The Conceptual Framework September 2016 The Linkage between Financial Performance and Measurement Accounting Standards Advisory Forum The Conceptual Framework September 2016 The Linkage between Financial Performance and Measurement Accounting Standards Board of Japan Introduction 1. We highly appreciate

More information

Updating References to the Conceptual Framework

Updating References to the Conceptual Framework May 2015 Exposure Draft ED/2015/4 Updating References to the Conceptual Framework Proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32 Comments to be received

More information

IFRS Conceptual Framework Basis for Conclusions Conceptual Framework for Financial Reporting

IFRS Conceptual Framework Basis for Conclusions Conceptual Framework for Financial Reporting March 2018 IFRS Conceptual Framework Basis for Conclusions Conceptual Framework for Financial Reporting Basis for Conclusions on the Conceptual Framework for Financial Reporting This Basis for Conclusions

More information

BUSINESSEUROPE RESPONSE TO IASB DISCUSSION PAPER ON FINANCIAL STATEMENT PRESENTATION

BUSINESSEUROPE RESPONSE TO IASB DISCUSSION PAPER ON FINANCIAL STATEMENT PRESENTATION LETTER OF COMMENT NO. 4(/> 7 April 2009 BUSINESSEUROPE RESPONSE TO IASB DISCUSSION PAPER ON FINANCIAL STATEMENT PRESENTATION BUSINESSEUROPE welcomes the opportunity to comment on the proposals set out

More information

COMMITTEE OF EUROPEAN SECURITIES REGULATORS

COMMITTEE OF EUROPEAN SECURITIES REGULATORS COMMITTEE OF EUROPEAN SECURITIES REGULATORS IASB 30 Cannon Street LONDON EC4M 6XH United Kingdom commentletters@iasb.org Date: 25 September 2009 Ref.: CESR/09-895 RE: CESR s response to the IASB s Exposure

More information

International Financial Reporting Standard 1. First-time Adoption of International Financial Reporting Standards

International Financial Reporting Standard 1. First-time Adoption of International Financial Reporting Standards International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards CONTENTS BASIS FOR CONCLUSIONS ON IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING

More information

New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework)

New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework) New Zealand Equivalent to the IASB Conceptual Framework for Financial Reporting (2018 NZ Conceptual Framework) Issued May 2018 Issued by the New Zealand Accounting Standards Board of the External Reporting

More information

Submitted electronically through the IFRS Foundation website (

Submitted electronically through the IFRS Foundation website ( International Accounting Standards Board 30 Cannon Street London EC4M 6XH Grant Thornton House 22 Melton Street London NW1 2EP 13 January 2014 Submitted electronically through the IFRS Foundation website

More information

Draft Comment Letter

Draft Comment Letter Draft Comment Letter Comments should be submitted by 28 November 2014 to commentletters@efrag.org 12 September 2014 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom

More information

AMSTERDAM 5 OCTOBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

AMSTERDAM 5 OCTOBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING AMSTERDAM 5 OCTOBER 2015 This feedback statement has been prepared for the convenience of European constituents

More information

ED 7 Financial Instruments: Disclosures

ED 7 Financial Instruments: Disclosures Hill House 1 Little New Street London EC4A 3TR United Kingdom Tel: National +44 20 7936 3000 Direct Telephone: +44 20 7007 0907 Direct Fax: +44 20 7007 0158 www.deloitte.com www.iasplus.com 21 October

More information

Comments on the International Accounting Standards Board s Exposure Draft Conceptual Framework for Financial Reporting

Comments on the International Accounting Standards Board s Exposure Draft Conceptual Framework for Financial Reporting Ref: KEG/13/H27 November 25, 2015 To the International Accounting Standards Board Japanese Bankers Association Comments on the International Accounting Standards Board s Exposure Draft Conceptual Framework

More information

Conceptual Framework December 2013 IPSASB

Conceptual Framework December 2013 IPSASB International Financial Reporting Standards Conceptual Framework December 2013 IPSASB Ian Mackintosh, IASB Vice-Chairman The views expressed in this presentation are those of the presenter, not necessarily

More information

Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes

Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes 12 April 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir/Madam, Re: Exposure Draft ED/2012/3 Equity Method: Share of Other Net Asset Changes On behalf

More information

Corporate Control & Accounting

Corporate Control & Accounting Corporate Control & Accounting Het Overloon 1, Heerlen P.O. Box 6500, 6401 JH Heerlen, The Netherlands Phone (+31) 45 578 2246, Fax (+31) 45 578 2595 DSM l*> P.O. Box 6500, 6401 JH Heerfen, "Hie Netherlands

More information

Mr Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom (By online submission)

Mr Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) A S C ACCOUNTING STANDARDS COUNCIL SINGAPORE 30 October 2015 Mr Hans Hoogervorst Chairman IFRS Foundation 30 Cannon Street London EC4M 6XH United Kingdom (By online submission) Dear Hans RESPONSE TO EXPOSURE

More information

Honourable Board Members: Re: Comments on Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting.

Honourable Board Members: Re: Comments on Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting. 26 November 2015. The International Accounting Standards Board (IASB) 30 Cannon Street London EC4M 6XH United Kingdom Via Email: commentletters@ifrs.org Page 1 Honourable Board Members: Re: Comments on

More information

Ref: The IASB s Exposure Draft Clarifications to IFRS 15

Ref: The IASB s Exposure Draft Clarifications to IFRS 15 The Chair 5 October 2015 ESMA/2015/1518 Ref: The IASB s Exposure Draft Clarifications to IFRS 15 Dear Mr Hoogervorst, Mr Hans Hoogervorst International Accounting Standards Board 30 Cannon Street London

More information

Welcome to the July IASB Update

Welcome to the July IASB Update July 2016 Welcome to the July IASB Update The International Accounting Standards Board (the Board) met in public from 18 to 19 July 2016 at the IFRS Foundation's offices in London, UK. The topics for discussion

More information

Welcome to the May IASB Update

Welcome to the May IASB Update May 2016 Welcome to the May IASB Update The International Accounting Standards Board (the Board) met in public from 17 to 19 May 2016 at the IFRS Foundation's offices in London, UK. The topics for discussion

More information

IASB update: Progress and Plans

IASB update: Progress and Plans Agenda paper 2.1 International Financial Reporting Standards IASB update: Progress and Plans November 2014 The views expressed in this presentation are those of the presenter, not necessarily those of

More information

Discussion Paper - Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging

Discussion Paper - Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging THE CHAIRPERSON Hans Hoogervorst Chairman International Accounting Standards Board (IASB) 30 Cannon Street London EC4M 6XH 16 October 2014 Discussion Paper - Accounting for Dynamic Risk Management: a Portfolio

More information

Although we support the other proposed amendments, we have suggestions for clarifications in relation to the following proposed amendments:

Although we support the other proposed amendments, we have suggestions for clarifications in relation to the following proposed amendments: Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 www.ey.com International Accounting Standards Board 30 Cannon Street London

More information

IASB Update. Welcome to IASB Update. Amortised cost and impairment. July Contact us

IASB Update. Welcome to IASB Update. Amortised cost and impairment. July Contact us IASB Update From the International Accounting Standards Board July 2010 Welcome to IASB Update This IASB Update is a staff summary of the tentative decisions reached by the Board at a public meeting. As

More information

Conceptual Framework for Financial Reporting

Conceptual Framework for Financial Reporting International Financial Reporting Standards Conceptual Framework for Financial Reporting Meeting with investors The views expressed in this presentation are those of the presenter, not necessarily those

More information

Invitation to comment Exposure Draft ED/2015/6 Clarifications to IFRS 15

Invitation to comment Exposure Draft ED/2015/6 Clarifications to IFRS 15 Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 International Accounting Standards Board 30 Cannon

More information

July 19, Mr. Russell G. Golden Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT

July 19, Mr. Russell G. Golden Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk, CT Deloitte & Touche LLP Ten Westport Road PO Box 820 Wilton, CT 06897-0820 July 19, 2010 Mr. Russell G. Golden Technical Director Financial Accounting Standards Board 401 Merritt 7 P.O. Box 5116 Norwalk,

More information

Understanding IFRSs A Framework-based approach to applying IFRSs

Understanding IFRSs A Framework-based approach to applying IFRSs International Financial Reporting Standards Understanding IFRSs A Framework-based approach to applying IFRSs Michael Wells, Director, IFRS Education Initiative, IFRS Foundation The views expressed in this

More information

Summary of potential inconsistencies between the existing Standards and the Conceptual Framework Exposure Draft

Summary of potential inconsistencies between the existing Standards and the Conceptual Framework Exposure Draft IASB Agenda ref 10D STAFF PAPER REG IASB Meeting Project Paper topic Conceptual Framework October 2014 Summary of potential inconsistencies between the existing Standards and the Conceptual Framework Exposure

More information

WARSAW 30 SEPTEMBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING

WARSAW 30 SEPTEMBER 2015 JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING JOINT OUTREACH EVENT IASB EXPOSURE DRAFT ED/2015/3 CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING WARSAW 30 SEPTEMBER 2015 This feedback statement has been prepared for the convenience of European constituents

More information

Tel: +44 [0] Fax: +44 [0] ey.com. Tel:

Tel: +44 [0] Fax: +44 [0] ey.com. Tel: Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 International Accounting Standards Board 30 Cannon

More information

Tel: +44 [0] Fax: +44 [0] ey.com. Tel: Fax:

Tel: +44 [0] Fax: +44 [0] ey.com. Tel: Fax: Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 Fax: 023 8038 2001 International Financial Reporting

More information

International Financial Reporting Standard 1. First-time Adoption of International Financial Reporting Standards

International Financial Reporting Standard 1. First-time Adoption of International Financial Reporting Standards International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards 1 IFRS 1 BC CONTENTS BASIS FOR CONCLUSIONS ON IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL

More information

EQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018

EQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018 EQUITY INSTRUMENTS - IMPAIRMENT AND RECYCLING EFRAG DISCUSSION PAPER MARCH 2018 2018 European Financial Reporting Advisory Group. European Financial Reporting Advisory Group ( EFRAG ) issued this Discussion

More information

Recognition Criteria in the Conceptual Framework

Recognition Criteria in the Conceptual Framework ASAF meeting, December 2015 ASAF Agenda Paper 3 ASBJ Short Paper Series No.2 Conceptual Framework November 2015 Recognition Criteria in the Conceptual Framework Accounting Standards Board of Japan Summary

More information

OCI and relevance of performance measures: recent inquiry by IASB

OCI and relevance of performance measures: recent inquiry by IASB International Financial Reporting Standards OCI and relevance of performance measures: recent inquiry by IASB Nov. 8, 2016, Maui Wei-Guo Zhang, IASB member The views expressed in this presentation are

More information

Comment letter on ED/2014/5 Classification and Measurement of Share-based Payment Transactions

Comment letter on ED/2014/5 Classification and Measurement of Share-based Payment Transactions Tel +44 (0)20 7694 8871 15 Canada Square mark.vaessen@kpmgifrg.com London E14 5GL United Kingdom Mr Hans Hoogervorst International Accounting Standards Board 1 st Floor 30 Cannon Street London EC4M 6XH

More information

Tel: +44 [0] Fax: +44 [0] ey.com. Tel: Fax:

Tel: +44 [0] Fax: +44 [0] ey.com. Tel: Fax: Ernst & Young Global Limited Becket House 1 Lambeth Palace Road London SE1 7EU Tel: +44 [0]20 7980 0000 Fax: +44 [0]20 7980 0275 ey.com Tel: 023 8038 2000 Fax: 023 8038 2001 International Accounting Standards

More information

8 June Re: FEE Comments on IASB/FASB Phase B Discussion Paper Preliminary Views on Financial Statement Presentation

8 June Re: FEE Comments on IASB/FASB Phase B Discussion Paper Preliminary Views on Financial Statement Presentation 8 June 2009 Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom E-mail: commentletters@iasb.org Ref.: ACC/HvD/LF/SR Dear Sir David, Re: FEE

More information

Comments on Discussion Paper Preliminary Views on Revenue Recognition in Contracts with Customers

Comments on Discussion Paper Preliminary Views on Revenue Recognition in Contracts with Customers 19 June 2009 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sir or Madame Comments on Discussion Paper Preliminary Views on Revenue Recognition in Contracts

More information

Exposure Draft ED 2015/6 Clarifications to IFRS 15

Exposure Draft ED 2015/6 Clarifications to IFRS 15 Hans Hoogervorst Chairman International Accounting Standards Board 30 Cannon Street London United Kingdom EC4M 6XH Deloitte Touche Tohmatsu Limited 2 New Street Square London EC4A 3BZ United Kingdom Tel:

More information

Deutsches Rechnungslegungs Standards Committee e.v. Accounting Standards Committee of Germany

Deutsches Rechnungslegungs Standards Committee e.v. Accounting Standards Committee of Germany e. V. Zimmerstr. 30 10969 Berlin Mr Hans Hoogervorst Chairman of the International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom IFRS Technical Committee Phone: +49 (0)30 206412-12

More information

Re: ED of Proposed Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits

Re: ED of Proposed Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets and IAS 19 Employee Benefits 28 November 2005 International Accounting Standards Board Henry Rees Project Manager 30 Cannon Street London EC4M 6XH UK Email: CommentLetters@iasb.org Dear Henry, Re: ED of Proposed Amendments to IAS

More information

In our answers to your stated questions in the appendix we do not repeat our overall scepticism towards the general solution of the ED.

In our answers to your stated questions in the appendix we do not repeat our overall scepticism towards the general solution of the ED. International Accounting Standards Board 30 Cannon Street London EC4M 6XH UK Oslo, 22 October 2010 Dear Sir/Madam ED/2010/6 Revenue from Contracts with Customers Norsk RegnskapsStiftelse (the Norwegian

More information

Our Ref.: C/FRSC. Sent electronically through the IASB website ( 19 April 2013

Our Ref.: C/FRSC. Sent electronically through the IASB website (  19 April 2013 Our Ref.: C/FRSC Sent electronically through the IASB website (www.ifrs.org) 19 April 2013 International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Dear Sirs, IASB Exposure

More information

Exposure Draft ED/2009/4 Prepayments of a Minimum Funding Requirement, Proposed amendments to IFRIC 14

Exposure Draft ED/2009/4 Prepayments of a Minimum Funding Requirement, Proposed amendments to IFRIC 14 Deloitte Touche Tohmatsu 2 New Street Square London EC4A 3BZ United Kingdom Tel: +44 (0)20 7936 3000 Fax: +44 (0)20 7583 8517 www.deloitte.com Sir David Tweedie Chairman International Accounting Standards

More information

The IASB s Discussion Paper Accounting for dynamic risk management: a portfolio revaluation approach to macro hedging

The IASB s Discussion Paper Accounting for dynamic risk management: a portfolio revaluation approach to macro hedging Date: 15 October 2014 ESMA/2014/1254 Mr Hans Hoogervorst International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom The IASB s Discussion Paper Accounting for dynamic risk

More information

24 November International Accounting Standards Board 30 Cannon Street, London EC4M BXH. United Kingdom. Dear Madam, dear Sir,

24 November International Accounting Standards Board 30 Cannon Street, London EC4M BXH. United Kingdom. Dear Madam, dear Sir, 24 November 2009 International Accounting Standards Board 30 Cannon Street, London EC4M BXH United Kingdom Tower 42 25 Old Broad Street London EC2N 1HQ United Kingdom t + 44 (0) 20 7382 1770 f + 44 (0)

More information

Reference: IASB Exposure Draft Fair Value Option for Financial Liabilities

Reference: IASB Exposure Draft Fair Value Option for Financial Liabilities CEIOPS Westhafen Tower, 14 floor, Westhafenplatz 1 60327 Frankfurt Germany Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom Contact: Carlos

More information