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23 October 2008

EFRAG comment letter on improved conceptual framework for financial reporting - The Reporting Entity


EFRAG thinks it is premature concluding that consolidated financial statements should be presented from an entity perspective and recommends an in-depth analysis of all the issues involved.

EFRAG thinks the discussion paper is being premature in concluding that consolidated financial statements should be presented from an entity perspective. An in-depth analysis of all the issues involved needs to be carried out first and that analysis needs to be debated comprehensively.

 

EFRAG notes that it is easy to make implicit assumptions about the environment in which the concepts are to be applied, only to discover later that, should the environment change, the concepts do not work as well. EFRAG therefore recommends that the IASB take the time to ensure that the concepts in this DP and those it is developing in other parts of the Framework project do not assume financial stability in the markets.

 

Press release

 



© EFRAG - European Financial Reporting Advisory Group

Documents associated with this article

EFRAG comment letter on improved conceptual framework for financial reporting - the reporting entity.pdf


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