The IASB has also published its draft Conceptual Framework this month. Although this will not have any immediate impact on currently-applicable standards, it sets out the context for their future development. It should however be noted that some important issues, such as the definition of ‘performance’ and distinguishing between debt and equity, are not addressed in the draft and have been added to the IASB’s work plan as research projects.
Beyond the GAAP will address the key elements of the IASB’s proposed Conceptual Framework in a future issue.