The IASB and ASBJ Conceptual Frameworks: Same Objective, Different Financial Performance Concepts

2014 ◽  
Vol 29 (1) ◽  
pp. 199-216 ◽  
Author(s):  
Carien van Mourik ◽  
Yuko Katsuo
Keyword(s):  
Financial Performance ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
General Purpose ◽  
International Accounting Standards ◽  
Conceptual Frameworks ◽  
Accounting Standard ◽  
Decision Usefulness

SYNOPSISThis paper illustrates that, despite their general agreement on the decision-usefulness objective of general purpose financial reporting, the Accounting Standard Board of Japan (ASBJ) and the International Accounting Standards Board (IASB)'s conceptual frameworks are based on two different concepts of financial performance. By identifying and contrasting the two financial performance concepts and their impact on the rest of the frameworks and by explaining the thinking that underpins the ASBJ's chosen financial performance concept, it contributes to a debate about the role of financial performance concepts in fulfilling the decision-usefulness objective. Such a debate is pertinent to the revision of the IASB's Conceptual Framework, which is scheduled for completion in 2015.

CONCEPTUAL FRAMEWORK OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS: WORLD EXPERIENCE AND UKRAINE

2017 ◽  
Vol 6 (2) ◽  
pp. 78-85
Author(s):  
Svitlana Zubilevych ◽  
Nataly Poznyakovska
Keyword(s):  
Public Sector ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
General Purpose ◽  
International Accounting Standards ◽  
The Public

The article discusses the role of the "Conceptual framework for general purpose financial reporting of public sector entities" in connection with the reform of the accounting and reporting system in the public sector of Ukraine on the basis of harmonization with International Accounting Standards. The chronology of the development of the Conceptual Framework and its brief content are generalized. An analysis of the purpose of the Conceptual Framework for General Purpose Financial Statements was conducted. Conclusions on the need to develop a national conceptual framework are made.

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.

Fair Valuation of Liabilities

2002 ◽  
Vol 8 (2) ◽  
pp. 203-299 ◽  
Author(s):  
C.J. Hairs ◽  
D.J. Belsham ◽  
N.M. Bryson ◽  
C.M. George ◽  
D.J.P. Hare ◽  
...  
Keyword(s):  
Financial Reporting ◽  
Working Party ◽  
Fair Value ◽  
General Purpose ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Market Values ◽  
Life Assurance ◽  
The United Kingdom ◽  
Fair Valuation

ABSTRACTA project to develop an Accounting Standard for Insurance, with the aim of enhancing understandability, relevance, reliability and comparability of general purpose financial reporting for insurance worldwide, is being progressed by the International Accounting Standards Board. The basis of the proposals is that assets and liabilities be shown at fair values (market values for quoted instruments). This paper, prepared by a Working Party established by the Life Board of the United Kingdom actuarial profession, summarises and comments upon a number of the principal features of the proposals, as they have emerged up to September 2001. The paper goes on to consider how a system of reporting for prudential regulatory purposes might be built upon a fair value general reporting base, summarising the thinking of a number of other bodies, proposing certain principles and suggesting lines of development. The appendices to the paper discuss a number of issues in further depth and present some illustrative results of some investigations into applying fair value methods in practice. The emphasis of the paper is on reporting for life assurance business, although many of the principles apply equally to general insurance.

scholarly journals DEVELOPMENT OF INTERNATIONAL FINANCIAL FISCAL STANDARDS IN ACCORDANCE WITH THE ROLE OF IASB

2019 ◽  
Vol 3 (2) ◽  
Author(s):  
‏​‏​‏​​‏​‏​​‏​‏​‏​‏​‏​‏ Ali Murtadha Shaheen
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Trading Volumes ◽  
International Accounting Standards Board

The objective of the research is to demonstrate the role of International Accounting Standards Board in the development of International Financial Reporting Standards to support the efficiency of international capital markets from 1973 to 2011, and then to measure the impact of the application of IFRS in accordance with the role of the International Accounting Standards Board. There have been differences in the market, volumes of the first and second markets and in the share price index, refer to market value, trading volumes yet trading volumes appropriate according to the software over International Financial Reporting Standards between the training on monetary statements of agreement stock companies.  

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 De invloed van het nieuwe Conceptual Framework op de rapportage over prestaties binnen IFRS

2016 ◽  
Vol 90 (1/2) ◽  
pp. 41-49
Author(s):  
Arjan Brouwer ◽  
Alidus Dannenberg ◽  
Peter Epe
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Comprehensive Income ◽  
Other Comprehensive Income ◽  
International Accounting Standards Board

In de Exposure Draft Conceptual Framework for Financial Reporting blijft de International Accounting Standards Board (IASB) uitgaan van een balansbenadering waarbij baten en lasten worden afgeleid van de mutaties in balansposten. Financiële prestatie wordt niet afzonderlijk gede"nieerd en de IASB reduceert dit tot een presentatievraagstuk gericht op Other Comprehensive Income (OCI) en recycling. Relevante informatieverschaf"ng over prestaties vraagt echter om een prominentere plaats in het nieuwe Conceptual Framework en een meer genuanceerde aanpak voor de ontwikkeling van concepten die de basis kunnen vormen voor standaarden leidend tot relevante informatie over de prestaties van een entiteit. Inzicht in prestaties vraagt in ieder geval om afzonderlijke informatieverschaf "ng over alle relevante attributen van het resultaat en dat is niet mogelijk via slechts een tweedeling tussen resultaten die worden gepresenteerd binnen winst of verlies en resultaten die worden gepresenteerd binnen OCI.

scholarly journals ONE FINANCIAL REPORTING GLOBAL LANGUAGE: THE ULTIMATE GOAL?

2017 ◽  
Vol 5 (1) ◽  
Author(s):  
Amelia Limijaya
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Reporting Quality ◽  
Financial Reporting Quality ◽  
International Accounting Standards ◽  
Political Aspect ◽  
Accounting Standard ◽  
The Us ◽  
Global Language ◽  
Accounting Standard Setting

This article aims to analyse the extent to which international accounting standards is applied and whether it is the ultimate goal. Up until the end of 2016, approximately there are 84% of the 149 jurisdictions analysed which require IFRS for all or most domestic publicly accountable entities. This may indicate that we are not that much further from having a single set of globally-accepted accounting standards. However, there is more to financial reporting than just accounting standards alone, such as the political aspect of accounting standard-setting, translation issues surrounding IFRS adoption, the US position and the complexity of financial reporting. Improving financial reporting quality needs more than just having global accounting standards, rather, it is also essential to consider the preparers’ incentives and other institutions surrounding the firm. Stakeholders need to broaden the perspective when viewing financial reporting, so that it will not be focused merely on accounting standards alone.

scholarly journals THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA

2016 ◽  
Vol 4 ◽  
pp. 092-097
Author(s):  
Rezarta Shkurti ◽  
Brunilda Duraj
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Current Status ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Non Profit ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Medium Enterprises

Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.

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