The revised exposure draft

The revised exposure draft was issued in March 1999, this time accompanied by an introductory booklet and a technical supplement. The introductory booklet contained both a
question and answer section and an overview of the draft statement. The technical supplement sets out the reasons for some of the Board’s conclusions and why it had rejected
possible alternatives. Having been taken by surprise by the negative reaction to the first
exposure draft, the ASB was clearly concerned to defuse criticism of this second attempt at

that same year, in December 1999.
developing a Statement of Principles and took great pains to explain and sell its revised draft.
Skilful presentation, coupled with a clear exposition of the limited role of the Statement and
the considerable flexibility which it still allows, appeared to defuse criticism of the revised
draft and permitted the issue of the actual Statement of Principles for Financial Reporting later