Posted: 15 Jan 2010 Last revised: 12 Jun 2013
Date Written: January 14, 2010
This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. 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 exhibits these characteristics. 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.
Keywords: FASB, IASB, Conceptual Framework, Accounting Standards, Financial Reporting
JEL Classification: M44, M41
Suggested Citation: Suggested Citation
Bloomfield, Robert J. and Christensen, Theodore E. and Colson, Robert H. and Jamal, Karim and Moehrle, Stephen R. and Ohlson, James A. and Penman, Stephen H. and Previts, Gary and Stober, Thomas L. and Sunder, Shyam and Watts, Ross L., A Framework for Financial Reporting Standards: Issues and a Suggested Model (January 14, 2010). University of Alberta School of Business Research Paper No. 2013-1004. Available at SSRN: https://ssrn.com/abstract=1536613