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An Evolution of Form and Content: A Practical Guide to Use of the FASB's Conceptual Framework


Chauncey M. DePree Jr.


University of Southern Mississippi - College of Business Administration - Accounting

June 8, 2011


Abstract:     
Equations are only as reliable as we make them. This is true in all disciplines, including accounting. They are forms accommodating content. So, if the balance sheet (A = L OE) and the income statement (R – E = I) equations, for example, structure imprecise business conditions and operations, accountants try to improve their use, not ignore or discard them. The same is true of conceptual frameworks. They are as subject to error or misuse as the balance sheet and income statement equations. Consequently, the accounting profession is not willing to give up on conceptual frameworks, either.

Although conceptual frameworks have not been in use as long as, and do not have the same degree of acceptance or understanding as, the income statement and balance sheet, they, too, can be structured to be as useful as the accounting equations. To accomplish this, a conceptual framework’s form is distinguished from its content, similar to distinguishing the form of the balance sheet, A = L OE, from its content. The form and content are then applied to an accounting transaction to demonstrate how to rigorously apply a conceptual framework.

Number of Pages in PDF File: 15

Keywords: FASB's Conceptual Framework, Practical Applications

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Date posted: June 12, 2011 ; Last revised: August 1, 2011

Suggested Citation

DePree, Chauncey M., An Evolution of Form and Content: A Practical Guide to Use of the FASB's Conceptual Framework (June 8, 2011). Available at SSRN: http://ssrn.com/abstract=1860543 or http://dx.doi.org/10.2139/ssrn.1860543

Contact Information

Chauncey M. DePree Jr. (Contact Author)
University of Southern Mississippi - College of Business Administration - Accounting ( email )
Hattiesburg, MS 39406
United States
601-297-3404 (Phone)
HOME PAGE: http://www.usmnews.net
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