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On 12 July 2024, the Financial Accounting Standards Board (FASB) issued a new chapter of its conceptual framework for financial reporting22 The Conceptual Framework is a body of interrelated objectives and fundamentals that provides the FASB with a useful tool as it sets standards. related to 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 chapter provides a framework for developing standards that meet the objective of financial reporting and enhance the understandability of information for existing and potential investors, lenders, donors, and other resource providers of a reporting entity.

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