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The Fasbs Conceptual Framework For Financial Reporting
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Book Synopsis The FASB's Conceptual Framework for Financial Reporting by : George J. Benston
Download or read book The FASB's Conceptual Framework for Financial Reporting written by George J. Benston and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. First, we suggest characteristics that a conceptual framework ought to exhibit. Most of these suggestions are based on our critique of the existing framework and the FASB-IASB work in progress. Second, we present a model framework that exhibits these characteristics. We emphasize up front that this framework is quite explicit. It goes to the heart of what a framework document should do: it places specific restrictions on what constitutes admissible accounting standards. The purpose of our effort is to stimulate broad discussion of alternative approaches to foundational documents and to offer a specific example of such an alternative approach.
Book Synopsis The FASB Conceptual Framework Project, 1973-1985 by : Pelham Gore
Download or read book The FASB Conceptual Framework Project, 1973-1985 written by Pelham Gore and published by Manchester University Press. This book was released on 1992 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work investigates why the Financial Accounting Standards Board's Conceptual Framework Project (1973-1985), which sought to set down financial reporting standards for accounting, attracted so much criticism. The author suggests that a CF is expected to bear too heavy a load, but that it cannot furnish the answer to all financial accounting ills. He believes that the best contribution that a CF can offer is that it can provide a focus to the debate that leads to a new financial reporting standard.
Book Synopsis A Conceptual Framework for Financial Accounting and Reporting by : Richard Macve
Download or read book A Conceptual Framework for Financial Accounting and Reporting written by Richard Macve and published by Routledge. This book was released on 2015-12-22 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1997. This volume is a collection of studies that look at the ‘conceptual framework’ undertaken initially for the UK’s Accounting Standards Committee (‘ASC’), and to consider how far the views expressed in them have stood the test of time as standard setters around the world have followed in the FASB’s footsteps.
Book Synopsis The FASB's Conceptual Framework for Financial Accounting and Reporting by : Michael Chye
Download or read book The FASB's Conceptual Framework for Financial Accounting and Reporting written by Michael Chye and published by . This book was released on 1981 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comments by the American Accounting Association's Financial Accounting Standards Committee on the FASB's 'Conceptual Framework for Financial Reporting (Hereafter CF)', Call for Preliminary Views, July 6, 2006 by : George J. Benston
Download or read book Comments by the American Accounting Association's Financial Accounting Standards Committee on the FASB's 'Conceptual Framework for Financial Reporting (Hereafter CF)', Call for Preliminary Views, July 6, 2006 written by George J. Benston and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The American Accounting Association's Financial Accounting Standards Committee is pleased to have an opportunity to express its views on the FASB's Call for Preliminary Views on its Conceptual Framework. We applaud the decision of the FASB to develop a Conceptual Framework and seek comments on its preliminary views and hope the financial reporting community will participate enthusiastically in this important activity.While we understand the importance of a Conceptual Framework, especially for accounting standard setting, we have deep reservations about the current document. In our response we explain why we think that the Preliminary Conceptual Framework is unlikely to be helpful in setting conceptually sound accounting standards. In particular, as you will see, we have reservations about the following key points: 1. We believe the Preliminary Conceptual framework is too focused on an investment role of accounting, and neglects the more important stewardship role of accounting. 2. The reliance on fair values that are not grounded on actual relevant market transactions (such as mark to model numbers) are not trustworthy. We believe that provision of soft accounting numbers will be harmful to the relevance and usefulness of accounting numbers. 3. We agree with the FASB's desire for neutral accounting numbers. However, given management's upward bias in reporting, we feel that conservative standards are required to produce neutral accounting numbers, and 4. We believe the FASB's standards should not be determined based only on a conceptual framework. Concepts such as relevance are too broad to be useful in determining a specific standard. A more rigorous field-performance-testing model is needed before conducting real world experiments with new accounting standards. We recommend allowing companies more flexibility in their reporting choices to allow market forces a greater role in setting accounting standards.In closing, despite our reservations about the Conceptual Framework, we applaud the FASB's desire to seek views on its preliminary effort and hope to participate again as this important activity progresses further.
Download or read book The FASB written by Paul B. W. Miller and published by McGraw-Hill/Irwin. This book was released on 1998 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The overall goal of this text is to pull back the veil of mystique that prevents many people from understanding an organization that is very important to the accounting profession and to the US economy. The FASB (Financial Account Standards Board) describes why financial reporting exists, why GAAP are needed, and why the FASB was created. This is a supplement for intermediate accounting courses as well as accounting theory courses.
Book Synopsis FASB Conceptual Framework by : Ernst & Ernst
Download or read book FASB Conceptual Framework written by Ernst & Ernst and published by . This book was released on 1978 with total page 10 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 1998 Statement of Financial Accounting Concepts by : Financial Accounting Standards Board (FASB)
Download or read book 1998 Statement of Financial Accounting Concepts written by Financial Accounting Standards Board (FASB) and published by Wiley. This book was released on 1998-09-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The FASB Statements of Financial Accounting Concepts contains the full text of five of the six Statements of Financial Accounting Concepts issued to date. The existing concepts are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic events to be recognized and measured for financial reporting. Unlike a Statement of Financial Accounting Standards, a Statement of Financial Accounting Concepts does not establish generally accepted Accounting Principles.
Book Synopsis The FASB's Conceptual Framework Project and Bank Financial Accounting and Reporting by : Peat, Marwick, Mitchell & Co
Download or read book The FASB's Conceptual Framework Project and Bank Financial Accounting and Reporting written by Peat, Marwick, Mitchell & Co and published by . This book was released on 1978 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting Theory by : Harry I. Wolk
Download or read book Accounting Theory written by Harry I. Wolk and published by SAGE. This book was released on 2008 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents complex materials in a clear and understandable manner. Incorporating the latest accounting standards and presenting the most up-to-date accounting theory from the top academic journals in accounting and finance throughout the world.
Book Synopsis An Analysis of Issues Related to Conceptual Framework for Financial Accounting and Reporting by : Financial Accounting Standards Board
Download or read book An Analysis of Issues Related to Conceptual Framework for Financial Accounting and Reporting written by Financial Accounting Standards Board and published by . This book was released on 1978 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The FASB's Conceptual Framework, Financial Accounting and the Maintenance of the Social World by : Ruth D. Hines
Download or read book The FASB's Conceptual Framework, Financial Accounting and the Maintenance of the Social World written by Ruth D. Hines and published by . This book was released on 1991 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Preliminary Views on an Improved Conceptual Framework for Financial Reporting by : International Accounting Standards Board
Download or read book Preliminary Views on an Improved Conceptual Framework for Financial Reporting written by International Accounting Standards Board and published by . This book was released on 2006 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Accounting Theory by : William Andrew Paton
Download or read book Accounting Theory written by William Andrew Paton and published by . This book was released on 1922 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Discourses Surrounding the Evolution of the IASB/FASB Conceptual Framework by : Tim Murphy
Download or read book Discourses Surrounding the Evolution of the IASB/FASB Conceptual Framework written by Tim Murphy and published by . This book was released on 2017 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently published the final version of Chapter 1 of their joint Conceptual Framework for Financial Reporting (IASB/FASB, 2010). In this article, we focus on two of the key issues addressed in Chapter 1: stewardship and the definition of the primary user groups of financial statements. To address the discourses surrounding the evolution of Chapter 1, we introduce the concept of 'living law' from sociological jurisprudence into accounting scholarship. We first trace the role of stewardship/accountability in the evolution -- from antiquity to the present day -- of the living law of accounting. We then explore the origin, nature, and implications -- from a living law perspective -- of the moral traditions associated with stewardship/accountability. Our analysis suggests that stewardship has been, and continues to be, embedded in the living law of accounting -- notwithstanding the formal pronouncements of standard setters. We also examine the social accounting project from a living law perspective and we suggest that such an analysis provides new possibilities for addressing core social accounting concerns. We conclude by arguing that, particularly in light of the far reaching impact of the neoliberal agenda, there is an urgent need for scholars in both contemporary 'social' and 'mainstream' accounting to recognize and build upon their shared living law heritage rooted in the age-old traditions of stewardship/accountability.
Book Synopsis Statements of Financial Accounting Concepts by : Financial Accounting Standards Board (FASB)
Download or read book Statements of Financial Accounting Concepts written by Financial Accounting Standards Board (FASB) and published by Wiley. This book was released on 2003-09-01 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contains the full text of the Accounting Concepts issued to date. The existing concepts are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic events to be recognized and measured for financial reporting.
Book Synopsis Irreconcilable Differences? The FASB's Conceptual Framework and the Public Interest by : Wm. Dennis Huber
Download or read book Irreconcilable Differences? The FASB's Conceptual Framework and the Public Interest written by Wm. Dennis Huber and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: It has been shown that protecting and serving the public interest in public accounting is a myth. It has also recently been demonstrated that protecting and serving the public interest by the Securities and Exchange Commission is not the primary, or even secondary, mission of the SEC. Finally, it has been proven that is not the mission of the FASB to serve the public interest. Recently, the FASB has revised its “Conceptual Framework.” The FASB's Conceptual Framework is “intended to serve the public interest by providing structure and direction to financial accounting and reporting to facilitate the provision of unbiased financial and related information [which] helps capital and other markets to function efficiently in allocating scarce resources in the economy and society” (emphasis added) However, since it is not the mission of either the FAF (Financial Accounting Foundation, the parent of the FASB), or the FASB to serve the public interest, whether the FASB's Conceptual Framework can serve the public interest as intended, or whether the Conceptual Framework is incompatible with the public interest is questionable.This paper explores the question of whether the Conceptual Framework is compatible with the public interest. The question is important to consider because if the Conceptual Framework cannot serve the public interest as intended, then it may be necessary to revise the Conceptual Framework in order to achieve its intended purpose of serving the public interest.This is the working paper version.
