060926 EFRAG draft comment letter on the IASB Framework Discussion Paper

XX October 2006 Li Li Lian Assistant Project Manager International Accounting Standards Board 30 Cannon Street London EC4M 6XH United Kingdom DRAFT COMMENT LETTER Comments should be sent to Commentletter@efrag.org by 31 October 2006 Dear Li Li Re: Discussion Paper “Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-useful Financial Reporting Information” On behalf of the European Financial Reporting Advisory Group (EFRAG) I am writing to comment on the Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-useful Financial Reporting Information (the paper). We would first of all like to say how pleased we are that the IASB has chosen to issue this material in the form of a discussion paper. The content of the IASB’s Framework is of fundamental importance to the future development of IFRS and therefore of Europe’s financial reporting system, so it is essential that Europe is given the opportunity to fully debate the Framework’s content. That is particularly so bearing in mind that this is the first real opportunity that many European commentators have had to debate the principles involved. We wish to start our comments by raising a general concern that we have about the paper and in particular about chapter 1 ...