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A Framework for Financial Reporting Standards: Issues and a Suggested Model


Robert J. Bloomfield


Cornell University - Samuel Curtis Johnson Graduate School of Management

Theodore E. Christensen


Brigham Young University - Marriott School of Management

Karim Jamal


University of Alberta - Department of Accounting, Operations & Information Systems

Stephen R. Moehrle


University of Missouri at Saint Louis - Accounting Area

Prof. James A. Ohlson


Hong Kong Polytechnic University - School of Accounting and Finance

Stephen H. Penman


Columbia University - Department of Accounting

Gary Previts


Case Western Reserve University - Department of Accountancy

Thomas L. Stober


University of Notre Dame - Department of Accountancy

Shyam Sunder


Yale University - School of Management

Ross L. Watts


Massachusetts Institute of Technology (MIT) - Sloan School of Management

Robert H. Colson


Grant Thornton LLP

July 30, 2009

Accounting Horizons, Vol. 24, No. 3, 2010
University of Alberta School of Business Research Paper No. 2013-678

Abstract:     
Standard setters and most academics maintain that accounting standards ought to rest on a set of guiding principles stated explicitly in a “conceptual framework.” The FASB and IASB are currently involved in a project to refine conceptual framework documents developed earlier. At this point, it is not clear what their final product will look like; its defining characteristics as well as the substantive content can only be surmised. This paper addresses the issues that FASB and IASB face, including the question of what a conceptual framework should be all about. 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 meets our criteria. 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.

Number of Pages in PDF File: 26

Keywords: FASB, IASB, Conceptual Framework, Accounting Standards, Financial Reporting

JEL Classification: M40, M41, M44

Accepted Paper Series


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Date posted: August 2, 2009 ; Last revised: June 10, 2013

Suggested Citation

Bloomfield, Robert J. and Christensen, Theodore E. and Jamal, Karim and Moehrle, Stephen R. and Ohlson, Prof. James A. and Penman, Stephen H. and Previts, Gary and Stober, Thomas L. and Sunder, Shyam and Watts, Ross L. and Colson, Robert H., A Framework for Financial Reporting Standards: Issues and a Suggested Model (July 30, 2009). Accounting Horizons, Vol. 24, No. 3, 2010; University of Alberta School of Business Research Paper No. 2013-678. Available at SSRN: http://ssrn.com/abstract=1441338 or http://dx.doi.org/10.2139/ssrn.1441338

Contact Information

Robert J. Bloomfield
Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )
450 Sage Hall
Ithaca, NY 14853
United States
607-255-9407 (Phone)
607-254-4590 (Fax)
Theodore E. Christensen
Brigham Young University - Marriott School of Management ( email )
Provo, UT 84602
United States
801-422-1768 (Phone)
801-422-0621 (Fax)
Karim Jamal
University of Alberta - Department of Accounting, Operations & Information Systems ( email )
Edmonton, Alberta T6G 2R6
Canada
780-492-5829 (Phone)
780-492-3325 (Fax)

Stephen R. Moehrle
University of Missouri at Saint Louis - Accounting Area ( email )
8001 Natural Bridge Road
St. Louis, MO 63121
United States
314-516-6142 (Phone)
314-516-6420 (Fax)
James A. Ohlson
Hong Kong Polytechnic University - School of Accounting and Finance ( email )
M715, Li Ka Shing Tower
Hung Hom, Kowloon
China
Stephen H. Penman (Contact Author)
Columbia University - Department of Accounting ( email )
3022 Broadway
New York, NY 10027
United States
212-854-9151 (Phone)
212-316-9219 (Fax)

Gary J. Previts
Case Western Reserve University - Department of Accountancy ( email )
Cleveland, OH 44106-7235
United States
216-368-2074 (Phone)
216-368-4776 (Fax)
Thomas L. Stober
University of Notre Dame - Department of Accountancy ( email )
Notre Dame, IN 46556-0399
United States
219-631-7614 (Phone)
Shyam Sunder
Yale University - School of Management ( email )
135 Prospect Street
P.O. Box 208200
New Haven, CT 06520-8200
United States
203-432-6160 (Phone)
203-432-6974 (Fax)
HOME PAGE: http://www.som.yale.edu/faculty/sunder/
Ross L. Watts
Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )
E52-325
Cambridge, MA 02142
United States
Robert H. Colson
Grant Thornton LLP ( email )
United States
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