Based on the IASB 2015 Exposure Draft: Conceptual Framework for Financial Reporting

Here is a link to the Exposure Draft ED/2015/3: Conceptual Framework for Financial Reporting:

http://www.ifrs.org/-/media/project/conceptual-framework/exposure-draft/published-documents/ed-conceptual-framework.pdf

Please answer the following

Outline of what the Exposure Draft is introducing or changing.

An assessment as to whether the Exposure Draft is being introduced in the 'public interest'.

An outline of the views presented in the comments letters which highlights the areas of agreement and disagreement with the exposure draft and/or other comment letters.

An assessment (with relevant examples) as to whether the comment letters utilise any of the arguments 'for' or 'against' regulation.

An application of each of the theories of regulation (public interest, private interest and capture) to the comments letters and a justification as to which theory(ies) is most effective at explaining the comments and which theory(ies) is least effective at explaining the comments.

Critically evaluate the underlying assumptions and assumptions of the theories of regulation, in particular, with regard to their application to the issues identified in the Exposure Draft and Comment Letters.