Review of International Accounting Standards Board （IASB） Proposed New Conceptual Framework： Discussion Paper （DP/2013/1）

The International Accounting Standards Board （IASB） is one of the largest independent accounting standard setters whose publications, International Financial Reporting Standards （IFRSs）, have revolutionalized the accounting profession, investors, finance providers, and the entire accounting information stakeholder community. The conceptual frameworks are the theoretical accounting bases that are constituted by a set of principles that underlie as a bedrock foundation cornerstone for the development and updating of IFRSs. The existing conceptual frameworks were issued by IASB in 2010, after long years of protracted and wide consultation and joint project with the biggest American standard setter Financial Accounting Standards Board （FASB）. In year 2013, the IASB embarked on a solo project to update the conceptual framework and issued a discussion paper （DP/2013/1） to its users and stakeholder community for comments. The methodology used in this study of an extensive review of literature （secondary/primary） from the discussion paper, existing conceptual framework, and comment letters from investors, accounting, insurance, and international audit firms has been manipulated. The findings revealed that the existing conceptual framework has opposing objectives especially that of decision usefulness （future-oriented information） and concepts of ＂prudence and stewardship/accountability＂, which are deeply embedded within the framework as subsumed, but their prominence has been overshadowed and watered down by not identifying them as objectives. The finding also revealed that almost all public accounting and audit firms are advocating not only for the reinstatement of the ＂prudence and stewardship/accountability＂ but also for a clear definition of recognition, de-recognition, and measurement of statement of financial position elements （assets and liabilities） and also elements of the comprehensive income statement （revenues and expenses）, which have seriously compromised investors, p