The IASB's Discussion Paper on the Conceptual Framework for Financial Reporting: A Commentary and Research Review

Abstract Consistent with the mission of the International Association for Accounting Education and Research ( IAAER ) to “promote global excellence in accounting education and research, and to maximize accounting academics' contribution to the development and maintenance of high‐quality, globally recognized standards of accounting practice,” this paper provides a commentary and research review by an ad hoc committee of the IAAER on the IASB 's Discussion Paper DP /2013/1—A Review of the Conceptual Framework for Financial Reporting . The comments focus on four main areas about which prior academic research can inform standard setters in their consideration of the revised Conceptual Framework : (1) recognition and derecognition, (2) measurement, (3) presentation and disclosure, and (4) other comprehensive income. The views expressed here by the ad hoc committee are those of the authors and do not necessarily reflect a consensus view of the IAAER membership or its Executive Committee. The paper supports the IASB 's general objective of developing one set of globally acceptable accounting standards based on a cohesive and complete Conceptual Framework .