The following are criticisms made of the IASB's 2015 exposure draft proposing updates to its Conceptual Framework.
1. The framework does not consider the meaning of the term 'true and fair view' despite this being a fundamental characteristic discussed in International Financial Reporting Standards.
2. The identification of prudence as a fundamental concept should focus on its asymmetric application because this is current practice in a number of specific areas.
3. The discussion of measurement bases is incomplete as it does not address the issue of entry values versus exit values despite the use of such values by preparers under current practice.
4. The exposure draft provides no guidance on the issue of reclassification of gains and losses despite this matter being dealt with inconsistently in a number of existing International Financial Reporting Standards.
Required
Discuss the extent to which the above criticisms could be justified by reference to specific International Financial Reporting Standards?