AASB essay on presentation and disclosure
Posted by mostafa on 14 August, 2013
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The Australian Accounting Standards Board (AASB) has published an essay discussing disclosure and presentation in the context of conceptual frameworks. The essay argues there is a “gap” in frameworks between the objective level and the lower levels, due to an insufficient exploration of the connection between users’ needs and the characteristics of the entity. The essay suggests a possible broader focus on ‘stocks’ and ‘flows’ and a resultant new approach to presentation and disclosure which would move away from topic based disclosure.