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We examine four key conceptual tensions that are at the heart of many financial reporting dilemmas: stocks vs. flows, ex-ante vs. ex post, conventions vs. economic substance, and top-down design vs. bottom-up evolution as sources of accounting practice. Associated with each of these conceptual...
Persistent link: https://www.econbiz.de/10013092394
Standard setters have sought a conceptual framework to guide development of a consistent set of accounting standards. However, the framework has two key weaknesses. First, it is very broad, lacks a measurement framework, and can be used ex post to justify a wide range of actual accounting...
Persistent link: https://www.econbiz.de/10013092886
Persistent link: https://www.econbiz.de/10009544708
The Financial Accounting Standards Board's (FASB's) and the International Accounting Standard Board's (IASB's) issued a joint Discussion Paper entitled, Preliminary Views on Financial Statement Presentation. The Boards are seeking comments on whether their proposed model for financial statement...
Persistent link: https://www.econbiz.de/10013095825