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Recently, FASB proposed new chapter of its Conceptual Framework – Proposed Statement of Financial Accounting Concepts, Concepts Statement No. 8, Conceptual Framework for Financial Reporting – Chapter 6: Measurement relating to the measurement of items recognised in financial statements.

The proposed chapter would establish concepts that FASB would consider in developing standards of financial accounting and reporting. It provides concepts to consider when choosing a measurement system for an asset or a liability recognised in general purpose financial statements. It describes:

  • Two relevant and representationally faithful measurement systems – the entry price system and the exit price system and
  • Considerations when selecting a measurement system.

The comment period is open up to 20 March 2024.

To access the text of the new chapter, please click here

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