The Conceptual Framework has been criticised for its lack of clarity and conceptual guidance, and for not being consistent with the IASB's current thinking. The IASB issued an exposure draft in May 2015, proposing changes to the Conceptual Framework. The discussion paper's proposals include a revision of the definitions of the elements in financial statements, guidance on de-recognition, measurement and the inclusion of items in other comprehensive income (OCI).Assignment guidance notesA 2,000 word essay is required which includes:- A brief outline of the May 2015 discussion papers proposals 15 marks- Discussion of the key classification differences between debt and equity under IFRS explaining why it is important for entities to understand the impact of the classification of a financial instrument as debt or equity in financial statements15 marks- Explanation and evaluation of the alternative narrow and broad approaches to what should be included in other comprehensive income. 10 Marks - Critical evaluation of whether Criticisms that the framework lacks consistency and clarity have been effectively addressed?