Il framework dello IASB non costituisce tecnicamente un principio contabile e a motivo di ciò non è stato omologato, cionondimeno la dottrina giuridica italiana riconosce allo stesso una portata vincolante ai fini della interpretazione e applicazione dei singoli IAS/IFRS. Da esso inoltre pare ritraibile il “paradigma” di riferimento rispetto al quale accertare la presunta invalidità del bilancio d’esercizio redatto sulla base degli IAS/IFRS.
IASB Framework Technically speaking, the Conceptual Framework for Financial Reporting adopted by the International Accounting Standards Board (IASB) is not an accounting standard, thus it has not been endorsed. However, Italian legal scholars acknowledge that it has binding force with respect to the interpretation and implementation of single International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). The IASB’s Framework also seems to provide a referential set of concepts for ascertaining whether IAS/IFRS individual financial statements can be considered null and void.
Summary
1. Preface. – 2. The Framework legal relevance in Italian national law. – 3. True and fair view and EU accounting postulates: their legal relevance within IAS Regulation. – 4. The new IASB’s Framework accounting “paradigm”. – 5. Conclusions.
1. Preface
The set of international accounting standards IAS/IFRS – is preceded and introduced by a Conceptual Framework for Financial Reporting [1], (hereinafter, “the Framework”), which consists of a number of general principles providing the referential theoretical base for the elaboration and interpretation of single standards.
The Framework addresses the fundamental questions on the definition and the drafting of IAS/IFRS annual financial statements. In particular, it deals with: i) the objective of general purpose financial reporting and its users (chapter 1); ii) the qualitative characteristics of useful information (chapter 3); iii) the definitions, recognition and measurement of the elements of financial statements (chapter 4); and lastly, iv) the concept of capital and capital maintenance (chapter 4).
The Framework was first issued in 1989 [2] and then revised in 2010. The 2010 document is still effective, though it is currently undergoing further revision [3].
The complex ongoing debate, which characterizes the process of definition of the Framework, originates from the constant development of harmonization of international accounting which obviously requires common accounting rules, starting from shared basic accounting principles. In this perspective, in 2002 IASB signed a Memorandum of Understanding that has come to be known as the “Norwalk Agreement”, with the North American standard setter, the Financial Standard Accounting Board (FASB) in order to jointly revise their respective frameworks and achieve convergence. In 2010 this harmonization process reached the conclusion of the so-called Phase A, the first of seven steps [4], whereby a revision was carried out of both frameworks with regards to the parts concerning the objectives and quantitative characteristics of financial statements [5]. In 2010, however, the IASB and the FASB suspended work on the joint conceptual framework in order to concentrate on other projects on their agenda.
In 2012 the IASB carried out a public consultation on its agenda. Many respondents to that consultations identified the Conceptual Framework as a priority project for the IASB. Consequently, the IASB reactivated its Conceptual Framework project. This project is no longer being conducted jointly with the FASB [6]. The two standard setters are currently revising their respective frameworks separately [7].
The IABS’s Framework does not have the status of an accounting standard [8], nor does it have supremacy over the single standards because none of its concepts can supersede single international accounting [continua..]
