The Conceptual Framework underpins International Financial Reporting Standards (IFRS) and helps the IASB to develop Standards that bring transparency, accountability and efficiency to financial markets around the world.

The Exposure Draft proposes a number of enhancements to the Conceptual Framework, including:

  • 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;
  • 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)’; and
  • Refining the definitions of the basic building blocks of financial statements—assets, liabilities, equity, income and expenses.


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