THE EVOLUTION OF THE CONCEPTUAL FRAMEWORK FOR BUSINESS ENTERPRISES IN THE UNITED STATES

1999 ◽  
Vol 26 (2) ◽  
pp. 89-131 ◽  
Author(s):  
Stephen A. Zeff
Keyword(s):  
United States ◽  
Conceptual Framework ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
American Institute ◽  
Decision Usefulness ◽  
Business Enterprises ◽  
The U.S

Institutional efforts in the U.S. to develop a conceptual framework for business enterprises can be traced to the Paton and Littleton monograph in 1940 and later to the two Accounting Research Studies by Moonitz and Sprouse in 1962–1963. A committee of the American Accounting Association issued an influential report in which it advocated a “decision usefulness” approach in 1966, which was carried forward in 1973 by the report of the American Institute of CPAs' Trueblood Committee. All of this laid the groundwork for the conceptual framework project of the Financial Accounting Standards Board (FASB), which published six concepts statements between 1978 and 1985. A seventh concepts statement is likely to be published in 2000. It is still not clear how the FASB's conceptual framework has influenced the setting of accounting standards, and some academic commentators are skeptical of the usefulness of all normative conceptual framework projects.

The Influence of Accounting Theory on the FASB Conceptual Framework

2017 ◽  
Vol 44 (2) ◽  
pp. 109-124 ◽  
Author(s):  
C. Richard Baker
Keyword(s):  
United States ◽  
Conceptual Framework ◽  
20Th Century ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Accounting Practice ◽  
Accounting Theory ◽  
Primary Basis

ABSTRACT During the first half of the 20th century, “accounting theory” developed primarily by accounting scholars and academics provided the primary basis for the practice and teaching of financial accounting in the United States. Since the creation of the Financial Accounting Standards Board (FASB) in the early 1970s, the FASB Conceptual Framework has provided the primary basis for accounting standards-setting, as well as for the practice and teaching of financial accounting. While the purpose of creating a Conceptual Framework has been to develop an agreed-upon set of concepts and principles to guide accounting standards-setting, a related goal has been to reduce diversity in accounting practice and to move toward greater uniformity. This paper traces the influence of accounting theory on the Conceptual Framework and explores some of the consequences of this influence.

scholarly journals Editorial

2017 ◽  
Vol 10 (2) ◽  
pp. 191-193
Author(s):  
Gideon Els
Keyword(s):  
United States ◽  
Credit Card ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
Financial Accounting Standards Board

In the second part of her research, Sophia Brink again looks at the accounting treatment of credit card rewards programmes. In May 2014 the IASB and the United States Financial Accounting Standards Board (FASB), published IFRS 15

scholarly journals Strijdende of complementaire doelstellingen van de jaarrekening?

2007 ◽  
Vol 81 (10) ◽  
pp. 455-461
Author(s):  
Saskia De Bruijn ◽  
Dick Van Offeren
Keyword(s):  
Conceptual Framework ◽  
Accounting Standards ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Discussion Paper ◽  
Decision Usefulness ◽  
International Accounting Standards Board

Medio 2006 is in het kader van het convergentie- en verbeterproject van de Financial Accounting Standards Board en de International Accounting Standards Board het eerste Discussion Paper over het verbeterde conceptual framework gepubliceerd. Hierin komen de doelstelling van financiële verslaggeving en de kwalitatieve kenmerken aan bod. Bij de bespreking van de doelstelling van financiële verslaggeving staat de decision usefulness-benadering centraal. Traditioneel wordt evenwel ook de stewardship-benadering van belang geacht. De vraag is of deze twee doelstellingen, enerzijds de decision usefulness-benadering en anderzijds de stewardshipbenadering, strijdig of complementair zijn. Geconcludeerd wordt dat de stewardship-benadering vooral is gekoppeld aan de juridisch gerichte, enkelvoudige jaarrekening en dat de economisch gerichte, geconsolideerde jaarrekening nuttig is voor de decision usefulness-benadering.

scholarly journals Revising the Conceptual Framework of the International Standards: IASB Proposals Met with Support and Skepticism

2016 ◽  
Vol 2 (1) ◽  
pp. 1 ◽  
Author(s):  
Christopher W. Hoffman
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Standards ◽  
Financial Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Accounting Standard ◽  
Other Comprehensive Income ◽  
The U.S

This article analyzes the current financial reporting issue regarding the updates proposed by the International Accounting Standards Board (IASB) to the Conceptual Framework for Financial Reporting. Since accounting standard-setters have embraced the notion of concepts as a guide and foundation to developing accounting standards, the IASB has concluded that there should be more importance place on developing a solid framework. Based on current literature and the fact that the Financial Accounting Standards Board (FASB) in the U.S. has a solid framework in place, the IASB has designed proposed updates to their framework and requested comments from the general public regarding those updates. This article evaluates the comments made by 72 respondents and tabulates the responses based on agree, disagree, or no comment. These results concluded that 66% of the responses were positive toward the updates, but 29% were negative. The disagreement was focused around four main topics: (1) prudence; (2) statement of profit or loss; (3) statement of other comprehensive income; and (4) rebuttable presumption for recycling. The IASB hopes to assimilate, deliberate, and disseminate the suggestions, comments, and the updates in 2016.

AN ACCOUNTANT'S EDUCATION

2003 ◽  
Vol 30 (1) ◽  
pp. 155-196 ◽  
Author(s):  
George J. Staubus
Keyword(s):  
20Th Century ◽  
Accounting Standards ◽  
Financial Accounting ◽  
University Of Chicago ◽  
Financial Accounting Standards Board ◽  
Decision Usefulness ◽  
Market Simulation ◽  
Broad Field ◽  
The University

This is a review of how various experiences in my career have contributed to my understanding of accounting. I recall the circumstances surrounding several of my efforts towards the development of accounting theories, viz. (1) decision-usefulness theory, (2) activity costing, and (3) market simulation accounting, as well as my excursion into (4) market association research in seeking to validate decision-usefulness theory and (5) a search for the effects of firms' economic environments on the development of enterprise accounting in the 2nd millennium, C.E. I give my impressions of several of the important players in the evolution of accounting thought in the 20th century with whom I was closely associated, such as Vatter, Moonitz, Chambers, and Sterling, as well as other prominent figures in the broad field of accounting. Some of my gains from associations with three institutions—the American Accounting Association, The University of Chicago, and the Financial Accounting Standards Board—are identified. I conclude with a few summary thoughts on what I have learned.

The Contrast Research of Presentation and Disclosure about other Comprehensive Income

2014 ◽  
Vol 687-691 ◽  
pp. 5080-5084
Author(s):  
Xing Wei
Keyword(s):  
United States ◽  
Accounting Standards ◽  
The United States ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
Income Reporting

This article compares and analyzes the distinguish between the accounting standards for enterprises in our country about other comprehensive income reporting and disclosure of financial accounting standards from the IAS (International Accounting Standards) and the FASB in the United States, through four aspects as the meaning of other comprehensive income, the concrete content and accounting, presentation and disclosure.

scholarly journals Ontwikkelingen in het conceptual framework

2013 ◽  
Vol 87 (9) ◽  
pp. 355-364
Author(s):  
Dick Van Offeren ◽  
Joop Witjes ◽  
Tim Verdoes
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Reporting Framework ◽  
International Accounting Standards Board

De International Accounting Standards Board (IASB) heeft recent het conceptual framework-project als kernproject aangemerkt. Het oorspronkelijke Framework for the preparation and presentation of financial statements (framework 1989) was aan een fundamentele herziening toe. Samen met de Financial Accounting Standards Board (FASB) heeft de IASB de eerste fase van het Conceptual framework for financial reporting (framework 2010) voltooid. In deze eerste fase worden twee onderwerpen besproken. Dit zijn het doel van financiële verslaggeving en de kwalitatieve kenmerken van financiële verslaggeving. Wij bespreken deze twee onderwerpen en gaan in op de verschillen tussen het framework 2010 en het framework 1989. Wij benadrukken het verschil in toepassingsgebied van de twee frameworks. Het framework 2010 is gericht op het ruimere begrip financial reporting, financiële verslaggeving en het framework 1989 was beperkt tot financial statements, jaarrekeningen.

scholarly journals The Theoretical Defenses Of The Last In First Out Inventory Methods

2013 ◽  
Vol 12 (1) ◽  
pp. 43
Author(s):  
Peter Harris ◽  
William Stahlin
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Complete Elimination ◽  
Political Pressure ◽  
The U.S

The Last in First out Method (LIFO) is presently under severe scrutiny from the financial community which may soon culminate in its repeal as an acceptable accounting method. There are pressures from the SEC in conjunction with the International Financial Accounting Standards Board (IFRS) to standardize accounting standards worldwide. In addition, there is political pressure imposed by the U.S. administration to raise additional revenues. Both groups strongly oppose LIFO, raising a strong possibility of its complete elimination. This paper addresses the reasons defending LIFO as an acceptable accounting method strictly from a financial reporting perspective.

scholarly journals An Evaluation Of The Implementation Of Fair Value Accounting: Impact On Financial Reporting

2011 ◽  
Vol 9 (1) ◽  
Author(s):  
Karen T. Cascini ◽  
Alan DelFavero
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Fair Value ◽  
The United States ◽  
Financial Accounting ◽  
Financial Assets ◽  
Financial Accounting Standards Board ◽  
Continuous Change ◽  
Fair Value Accounting ◽  
The Cost

<p class="MsoNormal" style="text-justify: inter-ideograph; text-align: justify; margin: 0in 0.5in 0pt; mso-pagination: none;"><span style="color: #0d0d0d; font-size: 10pt; mso-themecolor: text1; mso-themetint: 242;"><span style="font-family: Times New Roman;">The accounting industry is in a state of continuous change.<span style="mso-spacerun: yes;">&nbsp; </span>In the United States, the historical cost principle has traditionally been the foundation of accounting.<span style="mso-spacerun: yes;">&nbsp; </span>Until recently, assets and liabilities have been required to be recorded at their acquisition prices, with the exception of designated financial assets and financial liabilities.<span style="mso-spacerun: yes;">&nbsp; </span>However, the Financial Accounting Standards Board (FASB) has now created accounting standards that are distant from the cost principle.<span style="mso-spacerun: yes;">&nbsp; </span>Statement of Financial Accounting Standards No. 157: Fair Value Measurements, issued in September 2006 (FAS157, now codified as ASC 820) and Statement of Financial Accounting Standards No. 159: The Fair Value Option for Financial Assets and Financial Liabilities, created in February 2007 (FAS159, now ASC 825-10-25), significantly increases the viability of fair value accounting. The purpose of this paper is to illustrate the benefits and pitfalls of fair value and the corresponding affects on various stakeholders. <span style="mso-spacerun: yes;">&nbsp;&nbsp;</span></span></span></p>

scholarly journals Impact Of IASB & FASB On Financial Statements

2011 ◽  
Vol 8 (8) ◽  
Author(s):  
Veronica Paz ◽  
Thomas Griffin
Keyword(s):  
Conceptual Framework ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
The Impact ◽  
International Accounting Standards Board

The purpose of this research is to determine the impact of material differences in the conceptual framework of the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) on the financial statements.

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