IASB to decide on deadline of Conceptual Framework’s debate

The International Accounting Standards Board (IASB) will decide whether or not an extension to comment on its Conceptual Framework project is needed during forthcoming board meetings starting on 21 September.

On 28 May the IASB published an Exposure Draft (ED) seeking comment from relevant stakeholders until 26 October 2015, but recently a number of them called on the international standard-setting body to extend that period.

One of those stakeholders who requested more time analyse the proposals contained in the ED has been the European Financial Reporting Advisory Group (EFRAG).

EFRAG wrote a letter in July requesting an extension of the deadline until 26 December warning that a project with such "a profound and overarching effect" should allow more time for IASB constituents to provide their feedback.

The IASB staff has drafted an agenda paper in preparation for the September meetings, in which they recommend extending the comment period from 150 to 180 days, ending 25 November.

The board will decide whether they agree with the staff recommendation of extending the deadline, an IASB spokesperson told The Accountant.

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