Do We Need A Roadmap For Financial Reporting?

Developing the IASB's Conceptual Framework

IFAC

Jan 30, 2014 | Surveys & Reports

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IFAC and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated on this paper in order to highlight some of the key issues to be considered in developing the International Accounting Standards Board’s (IASB)’s Conceptual Framework. The IASB initiative, in taking forward the difficult challenge of reviewing and updating its conceptual framework, is welcomed. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as this will potentially become the roadmap for future financial reporting. There is a need for the accountancy profession to contribute to the debate and consider some of the difficult and unresolved issues in financial reporting that the Conceptual Framework is designed to address.

This paper is not intended to offer solutions. Its purpose is instead to provide some context and raise issues around the key themes in the IASB’s Discussion Paper: A Review

of the Conceptual Framework for Financial Reporting. This paper was prepared to complement the individual comment letters on the Discussion paper, which both IFAC and ICAS submitted to the IASB, and is not intended to be a comprehensive review of all the issues in the Discussion Paper.

Developing the IASB's Conceptual Framework