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1 Jun. 2015

AASB issues new Exposure Drafts ED 264 and ED 265

The AASB has issued Exposure Draft ED 264 Conceptual Framework for Financial Reporting and ED 265 Updating References to the Conceptual Framework.  ED 264 and ED 265 incorporate IASB ED/2015/3 Conceptual Framework for Financial Reporting and IASB ED/2015/4 Updating References to the Conceptual Framework respectively.

The proposed amendments progress the IASB’s project on revising its Conceptual Framework with the objective of improving financial reporting by providing a more complete, clear and updated set of concepts.  They build on earlier IASB amendments on the objective of general purpose financial reporting and qualitative characteristics of useful financial information, which the AASB incorporated into its Conceptual Framework in December 2013. 

The AASB will hold outreach events in Melbourne and Sydney in August 2015 to provide a forum for constituents and Board members to discuss the proposals included in the Exposure Drafts.  More details, including how to register for these events, will soon be available on the AASB website.  

Comments on ED 264 and ED 265 are requested to the AASB by 5 October 2015.

Click here to access the related media release, Influencing the Future Pathways of Australian Accounting Standards.