Write a report that provides a critical discussion as to whether a Conceptual Framework is needed and why the IASB has sought to update it.

On 28 May 2015 the International Accounting Standards Board (IASB) published for public comment an Exposure Draft proposing a revised Conceptual Framework for Financial Reporting. The proposals aim to improve financial reporting by providing a more complete, clearer and updated set of concepts that can be used by:
a.the IASB when it develops International Financial Reporting Standards (IFRS); and
b.others to help them understand and apply those Standards.

The coursework requires you to write a report that provides a critical discussion as to whether a Conceptual Framework is needed and why it the IASB has sought to update it.