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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