Do We Need A Roadmap For Financial Reporting?
IFAC and the Institute of Chartered Accountants of Scotland (ICAS) have collaborated on this paper in order to highlight some of the key issues to be considered in developing the International Accounting Standards Board’s (IASB)’s Conceptual Framework. The IASB initiative, in taking forward the difficult challenge of reviewing and updating its conceptual framework, is welcomed. IFAC and ICAS believe that it is important to engage all financial reporting stakeholders in the debate on the Conceptual Framework, as this will potentially become the roadmap for future financial reporting. There is a need for the accountancy profession to contribute to the debate and consider some of the difficult and unresolved issues in financial reporting that the Conceptual Framework is designed to address.