OIC and the National Standard Setters of France, Germany and the UK jointly with EFRAG publish two other Bulletins in relation to the revision of the IFRS Conceptual Framework

The national standard setters of France, Germany, Italy and the UK jointly with EFRAG have published two further Bulletins to promote discussion, and to help form European views that are influential in the debate on the IFRS Conceptual Framework.

The two new Bulletins are:

Accountability and the objective of financial reporting. This Bulletin discusses whether financial statements should provide information that is useful for an assessment of management’s accountability (or stewardship) and whether this objective is adequately reflected in the IASB’s Conceptual Framework.

The asset/liability approach. This Bulletin considers whether defining equity, income and expenses on the basis of the definitions of assets and liabilities: implies that the presentation of relevant information on income will be subordinated to information on assets and liabilities; provides an appropriate basis for reporting performance; requires that all assets and liabilities are recognised; and/or implies that all assets and liabilities are to be stated at fair value.

Comments are invited by 15 November 2013. The comments received will be considered in developing views so as to best express European views in the IASB consultation process.

For information about the project, please refer to the relative page.