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…

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 IASB recently issued its revised conceptual framework for financial reporting. It seemed to me that the project might have been ongoing for as long as I’d been more than vaguely aware of IFRS, and for once my memory wasn’t too flawed: the IASB and the FASB initiated a joint project to revise their conceptual…

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…

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. Among much else, the IASB proposes adding the following new language to the existing discussion of what makes financial information relevant: “One factor affecting the relevance…

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…

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’s one of the proposed new passages: “Information about how efficiently and effectively the entity’s management has discharged its responsibilities to use the entity’s resources helps…

Comments on recent remarks by IASB Chair Hans Hoogervorst As we discussed here, a large chunk of the IASB’s recent proposals to amend the conceptual framework deals with measurement, stating: “consideration of the objective of financial reporting, the qualitative characteristics of useful financial information and the cost constraint is likely to result in the selection…

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. As you’d expect, a large chunk of the proposals deals with measurement, noting: “consideration of the objective of financial reporting, the qualitative characteristics of useful financial…