The stated purpose of the IFRS Conceptual Framework is to assist the IASB to develop

Standards that are based on consistent concepts, and also to assist preparers to develop

consistent accounting policies when Standards either do not apply or allow a choice of

accounting policy. Yet, the Framework actually does surprisingly little to help the IASB (or

preparers) determine which assets, liabilities, income and expenses should be

recognized, and how they should be measured....

The lack of explanation of the purpose and informational objectives of accruals, how they

relate to business models and how they cause the income statement and the balance

sheet to interact are gaps in the Framework. Filling those gaps would provide a more

robust, and natural, way for the IASB to develop recognition and measurement

requirements in its Standards.

Do you agree or disagree with their assessment? Why?