FRC advises IASB on conceptual framework

The Financial Reporting Council (FRC) has urged the International Accounting Standards Board (IASB) to re-introduce the concepts of prudence, stewardship and reliability to the principles underlying international accounting standards because they are “fundamental” to financial reporting. 

The FRC was responding to the IASB’s discussion paper on its conceptual framework, which outlines the concepts that underlie the preparation and presentation of financial statements. 

The paper identifies principles for the IASB to use when it...

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Comments

There and back again!

yamamy | | Permalink

When the economy was strong, being Prudent was seen to be reducing taxable profit,  Now that economic times have changed, Prudence is again more relevant!