IFAC and ICAS issue paper on the IASB’s conceptual framework

  • IFAC (International Federation of Accountants) (lt gray) Image
  • ICAS (Institute of Chartered Accountants of Scotland) (lt green) Image

31 Jan, 2014

The International Federation of Accountants (IFAC), along with the Institute of Chartered Accountants of Scotland (ICAS), has issued a paper which highlights some of the main themes and concerns that should be considered as the IASB updates its conceptual framework.

The IFAC / ICAS paper, Do We Need a Roadmap for Financial Reporting: Developing the IASB’s Conceptual Framework, discusses the role conceptual framework serves in (1) the standard-setting process and (2) practical use in financial reporting. It also explores whether the scope of the IASB’s conceptual framework covers today’s evolving financial reporting landscape and whether a single framework is globally feasible.

In addition, the paper examines the potential core building blocks and characteristics of the conceptual framework. These core building blocks include:

  • Scope of financial reporting.
  • Stewardship.
  • Business model.
  • Entity versus proprietary perspectives.
  • Prudence.
  • Unit of account.
  • Concept of capital.

The IFAC and ICAS have prepared this paper to encourage discussion between stakeholders as they provide feedback to the IASB’s Discussion Paper, A Review of the Conceptual Framework for Financial Reporting.

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