In summary, however, we wish to commend the IASB on achieving a full review of the whole Conceptual Framework rather than performing a piecemeal review. We consider that this is required so that one can assess how the different chapters interact.

We are also pleased that there is more emphasis on the concepts of “stewardship” and “prudence”. Stewardship in particular is important as we consider that a key aim of financial reporting is to enable investors and other users to assess the management’s performance in using the entity’s resources.

 

Comment Letter on the Exposure Draft on the Conceptual Framework for Financial Reporting (PDF)

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