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. Prudence is introduced in support of the principle of neutrality for the purposes of faithful representation.

Prudence in accounting and financial reporting has a long-established track record. There is a considerable debate about whether International Financial Reporting Standards (IFRS), as the key global standards, should include prudence and state its importance in their conceptual framework.

Critically evaluate the statement above in relates to the concept of Prudence in financial reporting regime.