The FASB's Conceptual Framework for Financial Reporting
Author | : George J. Benston |
Publisher | : |
Total Pages | : |
Release | : 2013 |
ISBN-10 | : OCLC:1308989157 |
ISBN-13 | : |
Rating | : 4/5 ( Downloads) |
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.