• Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 1/17/2014

Shaping the future of IFRS – KPMG input on Conceptual Framework 

When the IASB issued a consultation on proposals to revise its Conceptual Framework, we hailed it as an opportunity not to be missed. The comment period has now closed and we have provided our feedback to the IASB.

Our aspiration for the project is to pave the way for a set of internally consistent accounting standards that reduce complexity and improve comparability, and a faster, less controversial process for producing new standards.

We believe that the consultation document is a good starting point for promoting debate on the fundamental principles underlying financial reporting, and for seeking practical solutions. However, principles need to be established in relation to some important issues – e.g. ‘performance’, ‘unit of account’ and ‘obligating event’. More work is required before the aspirations for this project can be fulfilled.

KPMG comments on Conceptual Framework Discussion Paper

Feature image
DP/2013/1 A Review of the Conceptual Framework for Financial Reporting

© 2014 KPMG IFRG Limited is a UK company, limited by guarantee. All rights reserved. KPMG IFRG Limited, registered in England No 5253019. Registered office: 8 Salisbury Square, London, EC4Y 8BB


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