RegulationAccounting StandardsRegulators push for ‘stewardship’ in reporting

Regulators push for ‘stewardship’ in reporting

Want stewardship/accountability objective to be separate objective of financial reporting

Accounting regulators from Europe and the UK have published a
brief
paper
discussing the rationale for including stewardship, or
directors’ accountability to shareholders, as a separate objective of financial
reporting.

Among the regulators to have participated are the European
Financial Reporting Advisory Group
(EFRAG)
, the UK’s Accounting Standards
Board (ASB)
and a number of other European accounting standard-setters.

The idea was first proposed by IASB and FASB in their July 2006 Discussion
Paper ‘Preliminary Views on an improved Conceptual Framework for Financial
Reporting’
which said a converged framework should specify only one
objective of financial reporting, that of ‘decision-usefulness’ for resource
allocation. They argued that this objective ‘encompasses providing information
useful in assessing management’s stewardship’.

Further reading:

US edges closer to standard harmony

Mary Keegan scores on Queen’s Honours list

The IFRS 8 row is still ringing in our ears

Related Articles

Demystifying GDPR for accountants

Accounting Standards Demystifying GDPR for accountants

1w Ellen Temperton, Lewis Silkin
EY fined £1.8m over Tech Data audit

Accounting Standards EY fined £1.8m over Tech Data audit

2m Emma Smith, Managing Editor
The great professional services shake-up

Accounting Standards The great professional services shake-up

3m Fergus Payne, Lewis Silkin
What do clients actually want from an accountant?

Accounting Standards What do clients actually want from an accountant?

4m Emma Smith, Managing Editor
Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

Accounting Standards Accountants shouldn’t neglect hybrid mismatch anti-avoidance rules

4m Alison Conley
Membership of the accountancy profession on the rise

Accounting Standards Membership of the accountancy profession on the rise

5m Alia Shoaib, Reporter
The real price of mates' rates in the provision of professional services

Accounting Standards The real price of mates' rates in the provision of professional services

5m DAC Beachcroft
IASB overhauls insurance accounting with issuance of IFRS 17

Accounting Standards IASB overhauls insurance accounting with issuance of IFRS 17

7m Alia Shoaib, Reporter