We apply the IASB's conceptual framework to develop an accounting treatment for a cap-and-trade program. Under our treatment, firms recognize allowances as intangible assets, measured at fair value with a credit to cash for purchased allowances and to a current period gain for allocated...

Capital-markets based accounting research in China has a relatively short history; the two principal stock exchanges in Shanghai and Shenzhen have operated for less than 20 years. Recent accounting research has tended to adopt techniques, research designs and even topics that were developed in...

We develop and validate a balance sheet-based measure of accounting quality that quantifies the ability of accounting assets to measure firm-specific economic capital. The measure is based on economic theories linking a firm's economic capital (i.e., its productive capacity) to its intrinsic...

This monograph provides a historically informed discussion of conceptual and procedural issues related to the use of the fair value measurement attribute in financial reporting. Our goal is to provide a structure, based on the conceptual frameworks of the Financial Accounting Standards Board and...