Financial Reporting Policy Committee of the American Accounting Association's Financial Accounting and Reporting Section: Accounting Standard Setting for Private Companies

2014 ◽  
Vol 28 (1) ◽  
pp. 175-192 ◽  
Author(s):  
◽  
Mark Bradshaw ◽  
Daniel Bens ◽  
Carol Ann Frost ◽  
Elizabeth Gordon ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Standard Setting ◽  
Financial Accounting ◽  
Private Companies ◽  
Accounting Standard ◽  
Accounting Standard Setting ◽  
Policy Committee

Articulating accounting principles

2016 ◽  
Vol 17 (2) ◽  
pp. 118-135 ◽  
Author(s):  
Brian A. Rutherford
Keyword(s):  
Financial Reporting ◽  
Standard Setting ◽  
Financial Accounting ◽  
Accounting Standard ◽  
Content Type ◽  
Accounting Research ◽  
Accounting Principles ◽  
Accounting Theory ◽  
Social Scientific ◽  
Accounting Standard Setting

Purpose – The purpose of this paper is to provide a soundly based epistemological underpinning for the kind of theorisation in which many classical financial accounting researchers engaged and thus to support a renewal of this programme. Design/methodology/approach – The paper draws on pragmatist philosophy and, in particular, on Jules Coleman’s theory of “explanation by embodiment”. The applicability of this theory to the world of financial reporting is discussed. Various theorists and schools within classical accounting theory are examined from the perspective of Coleman’s ideas, focusing particularly on A.C. Littleton’s Structure of Accounting Theory. Findings – The paper finds that classical accounting research works such as Structure of Accounting Theory can be interpreted as the search for Colemanian explanation by embodiment and that this provides them with a soundly based pragmatist underpinning for their theorisation. Research limitations/implications – This paper supports the resumption by academics, qua academics, of work to contribute to accounting standard-setting by offering argumentation that addresses accounting principles and methods directly, rather than only via the social scientific investigation of behaviour in the accounting arena. Practical implications – Such a resumption would contribute positively to future standard-setting. Originality/value – This paper contributes to the defence of classical financial accounting research from the charge of lacking theoretical rigour.

Accounting Standard-Setting Institutions and the Governance of Incomplete Contracts

1994 ◽  
Vol 9 (3) ◽  
pp. 579-605
Author(s):  
Ronald King ◽  
Gregory Waymire
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Incomplete Contracts ◽  
Standard Setting ◽  
Financial Accounting ◽  
Economic Conditions ◽  
Financial Accounting Standards Board ◽  
American Institute ◽  
Accounting Standard ◽  
Accounting Standard Setting

“A constant problem of the accounting profession lies in the development of procedures to keep pace with changing economic conditions.” Charles Couchman, President, American Institute of Accountants, 1932.1 “New and extremely difficult problems are constantly arising in the wake of innovative business techniques.” The Wheat Committee, 1972.2 “The Board recognizes that financial reporting must adapt to a world in which change is a continuing, even accelerating process.” Dennis Beresford, Chairman, Financial Accounting Standards Board, 1991.3

Response to the FASB Invitation to Comment Identifiable Intangible Assets and Subsequent Accounting for Goodwill

2021 ◽  
Author(s):  
Shana Clor-Proell ◽  
Nerissa Brown ◽  
Stephen Stubben ◽  
Brian White ◽  
Elizabeth Blankespoor ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Intangible Assets ◽  
Accounting Standards ◽  
Standard Setting ◽  
Financial Accounting ◽  
Future Research ◽  
Financial Accounting Standards Board ◽  
Accounting Standard ◽  
Business Combination ◽  
Accounting Standard Setting

In October 2019, the Financial Reporting Policy Committee of the Financial Accounting and Reporting Section of the American Accounting Association submitted a comment letter to the Financial Accounting Standards Board regarding the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill. This paper summarizes the content of the comment letter and discusses opportunities for future research on intangible assets that may inform accounting standard-setting decisions.

The Accounting Standard-Setting Due Process, Corporate Consensus, and FASB Responsiveness: Employers' Accounting for Pensions

1995 ◽  
Vol 10 (3) ◽  
pp. 555-564 ◽  
Author(s):  
Georgia R. Saemann
Keyword(s):  
Conceptual Framework ◽  
Due Process ◽  
Accounting Standards ◽  
Standard Setting ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Accounting Standard ◽  
Accounting Standard Setting

The Financial Accounting Standards Board (FASB) uses a due process to ascertain the views of its constituents and to build consensus while setting standards based on a sound conceptual framework. This study examines the responsiveness of the FASB and its success in building consensus among corporations in the due process on Employers' Accounting for Pensions. The findings indicate that the FASB is influenced by the number of opposing comments filed by its corporate constituents. Further, there is evidence that consensus was built throughout the due process for the highly controversial standard.

The Determinants and Consequences of Big 4 Lobbying Positions on Proposed Financial Accounting Standards

2021 ◽  
Author(s):  
Brian R. Monsen
Keyword(s):  
Accounting Standards ◽  
Standard Setting ◽  
Financial Accounting ◽  
Financial Statement ◽  
Accounting Standard ◽  
Accounting Firms ◽  
Big 4 ◽  
Textual Features ◽  
Comment Letters ◽  
Accounting Standard Setting

Despite the considerable participation of Big 4 accounting firms in accounting standard setting, there is no systematic evidence on what factors shape Big 4 support or opposition toward proposed accounting standards or whether their lobbying positions materially influence standards. Using textual features of Big 4 comment letters on FASB proposals, I find that Big 4 firms' lobbying positions reflect profit motives through support for standards that will generate more fees or are supported by their clients. Big 4 lobbying support is concentrated in proposals exhibiting both characteristics, with some evidence suggesting client agreement dominates fee-generating incentives. Big 4 lobbying positions are significantly associated with standard setting outcomes, both in isolation and relative to other FASB constituents, including financial statement users. Although I primarily focus on Big 4 accounting firms, results indicate the tone of comment letters submitted by users is unassociated with the standard setting outcomes measured in this study.

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