Paragraph 6.93 of the Conceptual Framework contains a brief high-level discussion of three different central estimates of a set of estimated future cash flows: the expected value (statistical mean) the maximum amount that is more likely than not to occur (similar to statistical median) the most likely outcome (statistical mode) Papers considered by the International… Continue reading Measurements based on future cash flows
Month: November 2021
The close link between rights and obligations
The Conceptual Framework for Financial Reporting defines an asset in a way that refers to a right.1 It defines a liability in a way that refers to an obligation. The two definitions are interlinked more deeply than a superficial reading may suggest. Because one definition relies on the concept of a right, it is no… Continue reading The close link between rights and obligations
Welcome
Welcome to my blog Accounting Miscellany. I’m writing about accounting topics that people often overlook or forget about. I worked for the International Accounting Standards Board (IASB) and its predecessor from 1994 to 2021. There is more detail about me on the page About this Blog. On my other blog Language Miscellany I write about… Continue reading Welcome