In their revised conceptual frameworks, the IASB and FASB pronounce that in their view valuation usefulness is the single objective of financial reporting. The present paper addresses the question how this decision was made by the boards and why stewardship was not identified as a separate...

US positivistic accounting research is increasingly perceived as having come to be the point of reference for researchers in other countries, including the German-speaking area where formerly normative research was widespread. In this paper, we present the survey results retrieved from 293...

Austria and Germany share similar accounting traditions. International harmonization in both countries has mainly focused on group accounting. In contrast, single financial statements give rise to legal and tax consequences and, thus, are still tied to the traditional principles of orderly...

The recent revision of the IASB's Conceptual Framework (CF) was accompanied by a debate among the IASB and its constituents about the meaning and importance of the concept of prudence in financial reporting. This paper adopts a historical perspective to identify possible sources of the ambiguity...

In the aftermath of the financial crisis, governments and regulators intended to strengthen financial stability by changing the regulatory architecture of banking and financial markets. One of the issues widely discussed was the question of whether the universal banking model, i.e. the...