The HoTARAC notes:
"HoTARAC has significant concerns on the discussion in a number of areas.
HoTARAC does not believe the discussion of topics proceeds in a logical progression from a coherent set of core principles. In HoTARAC´s view, this, at least in part, derives from:
- insufficient consideration of the objectives of financial reporting and their application to the topics at hand, and reliance on the existing chapters of the conceptual framework;
- delegation of core concepts, often fundamental to the topic discussed, to other projects; and
- the framework being developed to justify current practice, rather than from a sound conceptual basis.