Global Standards for the world economy

Monday 01 March 2021

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Conceptual Framework webcasts


IASB staff introduce proposed Conceptual Framework with series of web presentations

The IASB staff have created a series of recorded web presentations to help those with an interest in the Conceptual Framework get a better understanding of the changes proposed in the Exposure Draft Conceptual Framework for Financial Reporting.

Each presentation provides a detailed walk-through of the different parts of the Exposure Draft, providing further insight into the Board's thinking and the rationale behind the proposals. The Exposure Draft proposes a number of enhancements to the existing Conceptual Framework, for example:

  • refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses;
  • a new chapter on measurement that describes appropriate measurement bases (historical cost and current value, including fair value), and the factors to consider when selecting a measurement basis; and
  • confirming that the statement of profit or loss is the primary source of information about a company’s performance, and adding guidance on when income and expenses could be reported outside the statement of profit or loss, in ‘Other Comprehensive Income (OCI)’.

A new presentation was published every week, and each one can be viewed on demand. Each presentation consists of slides and voice and runs approximately 10–25 minutes.

Below is an overview of the topics that are covered and the dates the presentations were made available.

The Conceptual Framework webcast series

Title Slides Audio
Chapter 4 and 5—the elements of financial statements: definitions and recognition
Chapter 4—a closer look at liabilities and executory contracts
Chapter 6—measurement
Chapter 7—classification of income and expenses (profit or loss vs OCI)
Chapter 5—derecognition of assets and liabilities
Chapter 3—the reporting entity
Chapters 1 and 2—objectives and qualitative characteristics
Possible implications of the proposals—with provisions and contingent liabilities case study