To meet the objectives of financial reporting in the International Accounting Standards Board’s Conceptual Framework, the ‘balance-sheet approach’ embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines...

To meet the objectives of financial reporting in the International Accounting Standards Board's Conceptual Framework, the 'balance-sheet approach' embraced by the Framework is necessary but not sufficient. Critical, but largely overlooked, is the role of uncertainty, which we argue defines the...