The IASB published for public comment a Discussion Paper exploring possible changes to the IASB’s Conceptual Framework for Financial Reporting.  The Discussion Paper is the first step towards issuing a revised Conceptual Framework.

This Discussion Paper is designed to obtain initial views and comments on important issues that the IASB will consider as it develops an Exposure Draft of a revised Conceptual Framework.  The issues include:
-definitions of assets and liabilities;
– recognition and derecognition;
– the distinction between equity and liabilities;
– measurement;
– presentation and disclosure; and
– other comprehensive income.

The Discussion Paper: A Review of the Conceptual Framework for Financial Reporting is available for comment until 14 January 2014.