Discussion about the objective of financial reporting based on International Financial Reporting Standards
Journal Title: Zeszyty Teoretyczne Rachunkowości - Year 2016, Vol 2016, Issue 87
Abstract
The article analyses and assesses proposals for changes concerning the objective of financial reportingbased on International Financial Reporting Standards (IFRS), presented in comments on the exposuredraft of the Conceptual Framework for Financial Reporting (2015). The majority of respondents thinkthat the objective of financial reporting should give more prominence to the importance of providinginformation about management’s stewardship. Moreover, some respondents suggest introducing thedefinition of stewardship into the Conceptual Framework and presenting implications of shifts in theobjective of financial reporting for the future standard setting and for preparing financial statements.Based on the analysis of comment letters and the review of accounting literature, the conclusion is thatthe objective of financial reporting should be changed. It is, however, disputable, if stewardship should bea separate object. There is too little research on the relation between the stewardship and decisionusefulnessobjectives. The findings of this research could show accounting standard-setters the potentialtrade-offs and conflicts between these objectives.
Authors and Affiliations
Edyta Łazarowicz
Keywords
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- EP ID EP81737
- DOI 10.5604/16414381.1207436
- Views 125
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