Comments on the Objective of Financial Reporting in the Proposed New Conceptual Framework

Abstract

This paper aims to present the first section of the proposed (by International Accounting Standards Board and Financial Accounting Standards Board) new conceptual framework dealing with the objectives of financial reporting. The author presents and explains the proposed solutions. He places them in a broader context, which facilitates their understanding, critical analysis and forming of an opinion. This paper seeks to contribute to the discussion on the new conceptual framework for financial reporting

Keywords

• International Financial Reporting Standards
• financial reporting
• users of financial reporting
• conceptual framework
• capital providers
• entity theory
• proprietary theory