Resumen de Material Misstatement of What?: A Comment on Smieliauskas et al., ‘A Proposal to Replace “True and Fair View” with “Acceptable Risk of Material Misstatement” ’

Alexander David

• This comment explores theoretical and practical aspects of the Smieliauskas et al. (2008), ‘A Proposal to Replace “True and Fair View” With “Acceptable Risk of Material Misstatement”, and develops the ideas outlined there. It is argued that these proposals are helpful, but theoretically incomplete. Theoretical developments relating to accounting aspects are offered, and proposed for others to take further. The pragmatic implications suggest difficulties in the operationalization of the ideas of the original paper in a world of multiple and inconsistent user needs.