Short Answer Question:

You are a part of the team briefing clients on the International Accounting Standards Board (IASB) issuing an exposure draft (ED) on the revised Conceptual Framework for Financial Reporting (Framework), discussing the proposed changes address important areas that the existing Framework does not cover, or where it provides little, unclear or out-of-date guidance. The managing partner has asked you as a recent graduate in accounting, to comment on why measurement is one of the most challenging components of any framework developed by the IASB and why this has and is taking so long to provide guidance on.