IFAC Response to the IASB Discussion Paper, A Review of the Conceptual Framework for Financial Reporting

In response to the International Accounting Standards Board (IASB)'s Discussion Paper, A Review of the Conceptual Framework for Financial Reporting, IFAC submitted a comment letter. IFAC strongly supports the development of the Conceptual Framework to extend and clarify the principles that underpin International Financial Reporting Standards (IFRS), as it is central to strengthening the credibility and understandability of general purpose financial reporting. IFAC considers it important to align existing and forthcoming standards currently under development with the revised Conceptual Framework and believes it would, therefore, be useful for the IASB to provide an indication of how it will go about achieving that alignment.