In September 2010, the issued the Conceptual Framework for Financial Reporting 2010(the Framework).Nonetheless proposal to restart work on the Framework quickly achieved a lot of support.This led to the release of a discussion paper in 2013 and an exposure draft in 2015 that outlined further potential changes to the framework.These discussion clearly highlight the importance of the framework to the users and producers of International Financial Reporting standards.

Required:

1. How does the Framework define the elements relating to financial position
2. and why might these definitions be criticized