In general FEE supports the International Accounting Standards Board (IASB)’s efforts to revise the Conceptual Framework for Financial Reporting and update the set of concepts to use for the future development of the International Financial Reporting Standards (IFRS). A complete, updated and robust framework would assist the IASB in its standard setting process and guide preparers of financial statements in selecting accounting policies. Furthermore, an updated framework can help users of financial statements and other constituents (including the external auditors) to better understand and comprehend the principles of IFRS.

FEE has both responded to the IASB Exposure Draft and the European Financial Reporting Advisory Group (EFRAG)’s public consultation on this matter. For more in-depth FEE views, please see these comment letters below.

Related documents:
 FEE comments on IASB Exposure Draft “Conceptual Framework for Financial Reporting”
 FEE comments on EFRAG’s public consultation “Exposure Draft: Conceptual Framework for Financial Reporting”

Related links: 
 Comment letter on EFRAG Research Paper: The Role of the Business Model in Financial Statements, 13 May 2014
 Comment letter on EFRAG Getting a Better Framework – Complexity Bulletin, 15 April 2014
 Comment letter to EFRAG on the IASB Discussion Paper: A Review of the Conceptual Framework for Financial Reporting, 21 January 2014