GAAP Codification: An Ontological Perspective

22 Pages Posted: 2 Sep 2008 Last revised: 4 Jan 2010

See all articles by Zane L. Swanson

Zane L. Swanson

University of Central Oklahoma

Ron Freeze

Emporia State University

Date Written: 2009


The 2009 adoption of the Financial Accounting Standards Board (FASB) Generally Accepted Accounting Principles (GAAP) codification initiative made a significant step in the consolidation and ease of use of standards applied to accounting practices. In 2008, FASB and the International Accounting Standards Board (IASB) created a proposal for a presentation standard and collaborated upon a revision to the conceptual framework. While these steps can improve the functioning of accounting and related information technology systems, there are still ever increasing costs (e.g., complexity) to the body of knowledge. An accounting ontology may enable accounting professionals/academics to address accounting knowledge management issues. This study’s objective is to identify/analyze the potential benefits of applying an accounting ontology framework to the GAAP financial statement proposal, codification initiative and conceptual framework project.

Keywords: Ontology, GAAP Codification, Hicks' Income

JEL Classification: M41, M44

Suggested Citation

Swanson, Zane L. and Freeze, Ron, GAAP Codification: An Ontological Perspective (2009). Available at SSRN: or

Zane L. Swanson (Contact Author)

University of Central Oklahoma ( email )

100 North University Drive
Edmond, OK 73034
United States

Ron Freeze

Emporia State University ( email )

Emporia, KS 66801
United States

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