20 Pages Posted: 11 Jun 2011 Last revised: 1 Aug 2011
Date Written: June 8, 2011
In the wake of recent economic crises and the expanding pace of global business, the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are under pressure to improve and converge accounting standards. They expect a conceptual framework (CF) will advance the development of worldwide accounting standards and comparable financial reporting. The IASB-FASB joint CF project has as a goal the creation of a sound foundation for accounting standards. But, how will they know the goal is satisfied? This study offers CF authors and users a verifiable, rigorous decision process to assess whether the objective is accomplished.
Keywords: IASB-FASB Conceptual Framework, Accounting Standards, Financial Reports, Sound Foundation, Mathematics, Global Business
Suggested Citation: Suggested Citation
DePree, Chauncey M., A Sound Foundation: The FASB Got Its Conceptual Framework Right, The IASB Didn't (June 8, 2011). Available at SSRN: https://ssrn.com/abstract=1860524 or http://dx.doi.org/10.2139/ssrn.1860524