Estimation uncertainty and the IASB’s proposed conceptual framework

Russell Craig, Wally Smieliauskas, Joel Amernic

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    In December 2015, CPA Australia responded formally to the International Accounting Standards Board (IASB) proposing certain actions and priorities in respect of the IASB’s agenda and work plan for 2016-2020. CPA Australia urged the IASB to give the completion of its Conceptual Framework (CF) program the highest priority and to ensure that any ensuing CF incorporated ‘robust concepts for financial reporting.’

    This commentary reinforces and extends the CPA Australia response by highlighting four specific areas in which the IASB’s current proposals for a CF (outlined in Conceptual Framework for Financial Reporting: Exposure Draft, May 2015) are inadequate and need to encourage better ways of reporting uncertainty and risk. We urge the IASB to address these matters so as to assist in developing better and ‘more robust’ financial reporting.
    Original languageEnglish
    Pages (from-to)112-114
    Number of pages3
    JournalAustralian Accounting Review
    Issue number1
    Early online date17 Dec 2016
    Publication statusPublished - Apr 2017


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