IASB told to reconsider proposed changes to its conceptual framework

Global accounting standard setter the IASB has been told to reconsider its proposed conceptual framework so that it "properly reflects the importance of stewardship, prudence and reliability", which it describes as the cornerstones of the framework.

In comments made in response to the IASB's exposure draft on its conceptual framework, which underpins how it sets IFRS, UK reporting watchdog the FRC said the IASB had "missed the point" in its changes to the framework.

Read the full story at Accountancy Age.