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 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 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.

THE EVOLUTION OF THE RELATIONSHIP BETWEEN THE US FINANCIAL ACCOUNTING STANDARDS BOARD AND THE INTERNATIONAL ACCOUNTING STANDARD SETTERS: 1973–2008

2012 ◽  
Vol 39 (1) ◽  
pp. 1-51 ◽  
Author(s):  
Robert J. Kirsch
Keyword(s):  
Accounting Standards ◽  
Financial Accounting ◽  
Working Relationships ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Accounting Standard ◽  
Staff Members ◽  
The Us ◽  
The Relationship

ABSTRACT Utilizing archival materials as well as personal interviews and correspondence with personnel of the Financial Accounting Standards Board (FASB) and International Accounting Standards Committee/Board (IASC/B), including former Board chairmen and staff members, this paper examines the development of the working relationships between the FASB and the IASC/B from their earliest interactions in 1973 through the transformation of the IASC into the IASB and the Convergence Program rooted in the 2002 Norwalk Agreement up to 2008.

Selecting Railway Investments in 1890s America

2017 ◽  
Vol 44 (1) ◽  
pp. 77-93
Author(s):  
Joel E. Thompson
Keyword(s):  
Financial Reporting ◽  
Accounting Information ◽  
Accounting Standards ◽  
Financial Accounting ◽  
Investment Strategies ◽  
Financial Accounting Standards Board ◽  
Accounting Data ◽  
Rational Decisions

ABSTRACT The purpose of financial reporting is to provide information to investors and creditors to help them make rational decisions (Financial Accounting Standards Board [FASB] 2010). Tracing the development of investors' methods should help with understanding the role of financial accounting. This study examines investment practices involving railways in 1890s America. As such, it furthers our knowledge about the development of investment methods and their necessary information. Moreover, it shows that as investment methods grew in sophistication, there was an enhanced demand for greater comparability in accounting data to make meaningful analyses. Competing investment strategies, largely devoid of accounting information, are also discussed.

Viewing the 1996 FAF Restructuring as Policy Making without a Formal Due Process

2002 ◽  
Vol 16 (3) ◽  
pp. 199-214 ◽  
Author(s):  
Paul B. W. Miller
Keyword(s):  
Financial Reporting ◽  
Policy Making ◽  
Due Process ◽  
Accounting Standards ◽  
Sole Source ◽  
Securities And Exchange Commission ◽  
Financial Accounting ◽  
Perceived Threat ◽  
Financial Accounting Standards Board ◽  
Public Accounting

In 1996, a major financial reporting controversy emerged, escalated, and was resolved without substantial exposure or a formal due process. Specifically, a committee of the Financial Executives Institute (FEI) sent a letter to the chair of the Financial Accounting Foundation (FAF) asserting that the Financial Accounting Standards Board (FASB) “process is broken and in need of substantive repair.” When Securities and Exchange Commission (SEC) Chair Arthur Levitt determined that neither FAF nor public accounting leaders were dealing with the FEI proposals to his satisfaction, he acted to defeat this perceived threat to FASB's independence, focusing on the composition of the FAF. In response, the FAF trustees resisted because they viewed his intervention as a threat to FASB's independence. When the trustees did not voluntarily change, Levitt proposed reconsidering Accounting Series Release No. 150, which designates FASB as the sole source of GAAP for SEC filings. Eventually, Levitt prevailed. This paper describes this intervention as a case of policy making without a formal due process and adds to the already weighty evidence that accounting standards are political.

scholarly journals Constructive Capitalization of Operating Leases in the Hong Kong Fast-Food Industry

2013 ◽  
Vol 3 (1) ◽  
pp. 128 ◽  
Author(s):  
Benjamin Y. Tai
Keyword(s):  
Hong Kong ◽  
Fast Food ◽  
Balance Sheet ◽  
Accounting Standards ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Return On Assets ◽  
Fast Food Industry ◽  
Operating Leases ◽  
Lease Contracts

The current study is undertaken to investigate the potential problems resulting from the proposed adoption of a new accounting standard concerning mandatory capitalization of all lease contracts.  In 2010, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) issued a joint exposure draft (ED2010/9) on accounting for leases.  Under the new standard, lessees are required to capitalize all lease contracts as assets and liabilities.  The distinction between operating leases and capital (finance) leases will no longer exist.  The long-standing off-balance sheet treatment of operating leases will be prohibited.  After the adoption of the proposed standard, companies with significant operating leases are likely to experience an increase in assets, increase in liabilities, and decrease in equity, resulting in the deterioration of their return-on- assets and debt-to-equity ratios.  This research examines two large fast-food restaurant chains based in Hong Kong; and through constructive capitalization, demonstrates how the companies’ key financial ratios are negatively impacted if the new standard is implemented.  The results indicate that both the return-on-assets and debt-to-equity ratios of the two companies, under various discount rates assumptions, suffer serious deterioration when their operating leases are capitalized.

scholarly journals A Note On The Reliability Of Accounting Lobbying Studies

2011 ◽  
Vol 7 (4) ◽  
pp. 67
Author(s):  
Dale Buckmaster ◽  
David Durkee ◽  
Frederic M. Stiner
Keyword(s):  
Content Analysis ◽  
Accounting Standards ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Rater Reliability ◽  
Extreme Caution ◽  
The Public ◽  
Content Analyses ◽  
Public Record

Studies that are based on content analyses of portions of the Financial Accounting Standards Board Public Record have appeared regularly in accounting and business literature since 1978. Inter-rater reliability is a crucial determinant of the validity of content analyses, yet none of the studies based on content analysis of the Public Record report any measure of inter-rater reliability. This study provides some evidence of the degree of inter-rater reliability of these studies. Krippendorffs coefficient of agreement, a measure of inter-rater reliability is derived for each of eight issues from four raters performing a content analysis of respondent letters in the Public Record volume, Exposure Draft: Accounting for Certain Acquisitions of Banking or Thrift Institutions. In general, the coefficients indicated that extreme caution should be exercised in making inferences from studies based on content analyses of the Financial Accounting Standards Board Public Record.

scholarly journals "Replika Endemi" Resistensi PSAK 71 Sebagai Countercylical Terhadap Sustainability Perbankan Ditengah Pandemi

2021 ◽  
pp. 109-117
Author(s):  
Nicholas Alexander Tungga ◽  
Melithasya Angelina ◽  
Elliza .
Keyword(s):  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
Current Status ◽  
Corporate Accountability ◽  
Financial Accounting Standards Board ◽  
Model Framework ◽  
Financial Reports ◽  
Framework Design ◽  
Economic Upturn

Financial reports are important because they are useful for providing an overview for stakeholders in their decision making. Where in the preparation of financial statements the main regulation used is the Statement of Financial Accounting Standards (PSAK) established by the Indonesian Institute of Accountants (IAI) through the Financial Accounting Standards Board (DSAK). In the current status quo of Indonesia in facing the Covid-19 pandemic, the existence of PSAK has begun to be tested, adjustments must be made to financial accounting standards which are useful to strengthen the lines of corporate accountability in Indonesia and are able to answer the main urgency of Indonesia today, namely the weakening of the country's economy. The purpose of this paper is to produce a framework that can later become an alternative for banks in making decisions for implementing the PSAK 71 post model. The approach used in this paper is a qualitative approach by providing arguments and solutions for Indonesia's current economic conditions through the resulting framework design. After considering the aspects that affect the risk of bad credit, the conclusion is that PSAK 71 is able to trigger an economic upturn in Indonesia, because in its implementation it does not necessarily look at one aspect only but considers other aspects in responding to issues related to bad credit.  Keywords: PSAK 71, Post Model Framework, Bad Credit, Indonesian Economy

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