The asymmetry issue refers to the publication of ‘useful financial information’ in annual reports and accounts. EFRAG considers that the Conceptual Framework should provide clear direction about the circumstances in which asymmetry may and may not play a part. It wants the IASB to clarify best practice on recognition and measurement, and not to ignore the exercise of prudence when reporting financials.

In the documentation about the revised Conceptual Framework, the IASB stresses that the new framework ‘should acknowledge that the exercise of prudence does not imply a need for asymmetry – for example, a need for more persuasive evidence to support the recognition of assets than of liabilities or to support the recognition of income than of expenses’.

​​In its letter, EFRAG notes that it is pleased that the IASB's tentative decisions on the treatment of asymmetry in the Conceptual Framework reflects the view of EFRAG that asymmetry is an important idea that should be considered in the development of accounting standards.

The EFRAG letter on the Conceptual Framework is available here