The IASB’s conceptual framework – a bright day for assessing stewardship!

Let’s take a look at another aspect of the IASB’s recently issued revised conceptual framework for financial reporting.  Here are some brief extracts from the document: Information about the nature and amounts of a reporting entity’s economic resources and claims can help users to identify the reporting entity’s financial strengths and weaknesses. That information can…

The IASB’s conceptual framework – prudently stirred, but not shaken

Let’s take a look at another aspect of the IASB’s recently issued revised conceptual framework for financial reporting. The revised document contains the following much-debated paragraphs: Neutrality is supported by the exercise of prudence. Prudence is the exercise of caution when making judgements under conditions of uncertainty. The exercise of prudence means that assets and…

The relevance of IFRS, or: strip off the sugar!

Observations on a speech given by IASB Chair Hans Hoogervorst in Washington on December 10, titled IFRS: 2015 and beyond. Here’s an extract: “One of the challenges for the coming years will be to ensure that IFRS further strengthens its relevance in an ever-changing world. The world of financial statements needs to be the anchor…

Improving the conceptual framework – the unsteady state of current cost accounting

As we discussed here, the IASB has published for public consultation proposals to improve the Conceptual Framework for Financial Reporting, with comments to be received by October 26, 2015. Here are some extracts from the proposals: “The concepts of capital (proposed in the document) give rise to the following concepts of capital maintenance: (a) Financial capital…