GAAP Codification: An Ontological Perspective
22 Pages Posted: 2 Sep 2008 Last revised: 4 Jan 2010
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: Suggested Citation