Conceptual framework

The EFRAG has filed its comment letter on the IASB’s conceptual framework discussion paper. EFRAG continues to maintain its position that stewardship, prudence and reliability should be re-instated. It argues for a clear articulation of what is included in profit or loss. It supports the asset and liability definitions but asks for a broader definition of a constructive obligation and for recognition thresholds to be included in standards that address assets.