News May 2015 FRC welcomes IASB Exposure Draft on the Conceptual Framework for Financial Reporting

FRC welcomes IASB Exposure Draft on the Conceptual Framework for Financial Reporting

28 May 2015

PN 28/15

The Financial Reporting Council (FRC) welcomes development of the International Accounting Standards Board’s Conceptual Framework, on which an exposure draft has been issued today. The Framework will have a central role in the development of IFRS and so have a profound influence on financial reporting in the UK, Europe and globally.
 
Melanie Mclaren, Executive Director of Codes and Standards at the FRC, said,

“The updated Conceptual Framework should lead to a marked improvement in the quality of thinking on key aspects of financial reporting.  The FRC is pleased that the Framework recognises the importance of stewardship and prudence, consistent with the views we and other UK stakeholders expressed on the IASB’s earlier Discussion Paper. We shall review the Exposure Draft carefully to provide constructive criticism to assist the IASB in finalising the Framework.”

The FRC and ICAEW will host an event on 3 September at Chartered Accountants Hall to discuss views on the IASB’s conceptual framework.  The event will be chaired by FRC Board member and chair of the Accounting Council, Roger Marshall. Speakers will include Ian Mackintosh, Vice Chairman of the IASB. To register, visit http://www.icaew.com/en/events/2015/september/tfrfsem150903-conceptual-framework-for-financial-reporting

Notes to editors:

The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

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