Limited Scope Update of Conceptual Framework
Objective
The project objective is to update the Conceptual Framework for a limited number of issues based on the criteria of urgency, consequences, feasibility and prevalence with a particular emphasis on the first three of these criteria.
Current Status of the Project
ED 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements.
The IPSASB completed its review of responses to ED 76 at the September 2022 meeting. In light of the continuing development of current operational value the IPSASB decided not to include replacement cost in an updated Chapter 7. The IPSASB also decided to retain the approach to value in use in ED 76 whereby value in use is discussed in the context of impairment but not defined.
Staff presented a regional, functional, and linguistic breakdown of the 27 respondents to ED 81, Conceptual Framework Update: Chapter 3, Qualitative Characteristics and Chapter 5, Elements. Staff also indicated the approach to considering the eight Specific Matters for Comment in the ED.
