Although the IASB’s consultation on the Conceptual Framework may not affect businesses immediately, it could significantly affect IFRS in the future. The consultation seeks input on a number of topics, including the following key areas:
- how the balance sheet may change;
- how the performance statement(s) may change; and
- how disclosures may change.
Once it is finalised, the revised Conceptual Framework would hold out the prospect of a set of internally consistent accounting standards, and a faster, less controversial process for producing new standards.
This is a welcome opportunity for stakeholders from every part of the financial reporting chain to offer their views to the IASB, which should not be missed. Comments are due to the IASB by 14 January 2014.