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Extra resources for ACCA - P2 Corporate Reporting
1 The reporting entity concept This deals with general issues relating to the reporting entity concept. For example, it considers whether a precise definition of a reporting entity is necessary and whether a reporting entity must be a legal entity. The Board's conclusion at this stage is that the conceptual framework should broadly describe rather than precisely define a reporting entity as a circumscribed area of business activity of interest to present and potential equity investors, lenders and other creditors who cannot directly obtain the information they need in making decisions about providing resources to the entity and in assessing whether management and the governing board of the entity have made efficient and effective use of the resources provided.
It means that different knowledgeable and independent observers could reach consensus that a particular depiction is a faithful representation. 10 1: Financial reporting framework Part A Regulatory and ethical framework Timeliness Information may become less useful if there is a delay in reporting it. There is a balance between timeliness and the provision of reliable information. If information is reported on a timely basis when not all aspects of the transaction are known, it may not be complete or free from error.
11 Potential problems The UK's Accounting Standards Board (ASB) has highlighted a number of potential objections that may be made to the proposals. (a) Users. The ASB is concerned about the proposal that the objective of financial reporting should focus only on decision-usefulness, with stewardship being subsumed within this rather than being referred to as a specific part of the objective, or a separate objective. The ASB believes that stewardship should be a separate objective. The ASB is also concerned that the shareholder user perspective is being downplayed.