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Estimation Uncertainty and the IASB's Proposed Conceptual Framework

Estimation Uncertainty and the IASB's Proposed Conceptual Framework Estimation Uncertainty and the IASB’s Proposed Conceptual Framework Russell Craig, Portsmouth Business School Wally Smieliauskas, University of Toronto Joel Amernic, University of Toronto n December 2015, CPA Australia responded for- states that ‘nothing in the CF overrides any specific mally to the International Accounting Standards existing standards’ and that ‘the IASB may sometimes I Board (IASB) proposing certain actions and pri- specify requirements that depart from aspects of orities in respect of the IASB’s agenda and work plan the CF’ (paragraph IN2-3). Such a position deviates for 2016–20. CPA Australia urged the IASB to give the from a principles-based reasoning system. It creates completion of its Conceptual Framework (CF) program opportunities for unethical and fraudulent reporting, the highest priority and to ensure that any ensuing CF especially when combined with concepts that condone incorporated ‘robust concepts for financial reporting’. risky and potentially unauditable accounting estimates. This commentary reinforces and extends the CPA International Standards on Auditing (ISA) have a Australia response by highlighting four specific areas in more logical and more structured approach to stan- which the IASB’s current proposals for a CF (outlined in dard setting. They use a ‘clarity format’. This comprises Conceptual Framework for Financial Reporting: http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Australian Accounting Review Wiley

Estimation Uncertainty and the IASB's Proposed Conceptual Framework

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Publisher
Wiley
Copyright
Copyright © 2017 CPA Australia Ltd (CPA Australia)
ISSN
1035-6908
eISSN
1835-2561
DOI
10.1111/auar.12147
Publisher site
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Abstract

Estimation Uncertainty and the IASB’s Proposed Conceptual Framework Russell Craig, Portsmouth Business School Wally Smieliauskas, University of Toronto Joel Amernic, University of Toronto n December 2015, CPA Australia responded for- states that ‘nothing in the CF overrides any specific mally to the International Accounting Standards existing standards’ and that ‘the IASB may sometimes I Board (IASB) proposing certain actions and pri- specify requirements that depart from aspects of orities in respect of the IASB’s agenda and work plan the CF’ (paragraph IN2-3). Such a position deviates for 2016–20. CPA Australia urged the IASB to give the from a principles-based reasoning system. It creates completion of its Conceptual Framework (CF) program opportunities for unethical and fraudulent reporting, the highest priority and to ensure that any ensuing CF especially when combined with concepts that condone incorporated ‘robust concepts for financial reporting’. risky and potentially unauditable accounting estimates. This commentary reinforces and extends the CPA International Standards on Auditing (ISA) have a Australia response by highlighting four specific areas in more logical and more structured approach to stan- which the IASB’s current proposals for a CF (outlined in dard setting. They use a ‘clarity format’. This comprises Conceptual Framework for Financial Reporting:

Journal

Australian Accounting Review – Wiley

Published: Mar 1, 2017

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