Response to the IASB Discussion Paper, 'Preliminary Views on an improved Conceptual Framework for Financial Reporting'
The Exchange has responded to the IASB's consultation on the the creation of an improved Conceptual Framework for Financial Reporting. In our letter, we reflect concerns from market participants that the process towards convergence risks undermining the principles-based approach to accountancy standards in the UK, partly through a lack of effective consultation. We propose that the boards publish the detail of their consultative efforts at an early stage to better support claims for change and involve the UK's national standard setter, the ASB, more closely in the process.