In this paper I explore the current debates on the removal and reinstatement of prudence in the revisions of the IASB conceptual framework

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In this paper I explore the current debates on the removal and reinstatement of prudence in
the revisions of the IASB conceptual framework. I draw on evidence from IASB documents
(discussion papers, exposure drafts, meeting agenda papers, comment letters, speeches), the
financial press (FT, accountancy magazines), and interviews with IASB staff and UK
institutional investors who have been campaigning for the return of prudence in accounting. I
find that the renewed interest in prudence was not only part of a larger debate on revising the
conceptual underpinnings of accounting standards and on converging IFRSs with US
GAAPs, but also of a broader agenda to align accounting with markets, which is linked to the
rise of fair value accounting.

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