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Warren McGregor: The conceptual framework: cornerstone of high quality financial reporting

Published on: 23 Nov 2013

Former IASB member Warren McGregor has coauthored a paper on the conceptual framework arguing that the conceptual framework is the cornerstone of high quality financial reporting and claiming that the new framework should be 'aspirational'.

The paper offers an overview of the history of frameworks from standard-setting before the advent of frameworks to the present state of play in the IASB's project on the conceptual framework, lists the areas where the current framework is incomplete or needs revisions and contains an urgent call for the new framework to be aspirational and not just a confirmation of the status quo of standard-setting and of the current application of the standards.

We are grateful to Mr McGregor and his co-author Ms Jan McCahey for allowing us to host this paper on IAS Plus.

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