IASB pressed to fix 'wishy-washy' accounting rules
Australian officials have called on the international accounting standards setter to fix "wishy-washy" language that is injecting ambiguity into financial reports.
The proliferation in international accounting standards of terms like "probable", "likelihood" and "remote" is creating confusion about when companies should "hit the red button" in relation to recognising assets and liabilities, according to Australian Accounting Standards Board research director Angus Thomson.
Subscribe to gift this article
Gift 5 articles to anyone you choose each month when you subscribe.
Subscribe nowAlready a subscriber?
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out moreRead More
Latest In Professional services
Fetching latest articles