We have been writing on the Conceptual Framework in response to the Financial Accounting Standards Board's announced intent to strengthen it. We've discussed the objective of financial reporting, the political situation and its problems, the overarching importance of cash flows, and the nature of relevance and reliability.

We have concluded that the relevant attribute of assets and liabilities is their ability to affect the amount, timing and uncertainty of the entity's future cash flows (AAATUC). Our most recent column described how resolving the issue about which attribute is relevant necessitates assessing the reliability of various methods of estimating its amount.

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