Harmonization and the Conceptual Framework: An International Perspective

13 Pages Posted: 8 Mar 2004

See all articles by Stewart Jones

Stewart Jones

University of Sydney – School of Business

Peter Wolnizer

The University of Sydney - Discipline of Accounting

Abstract

The release of CLERP 9 (Commonwealth of Australia, 2002) requires the Financial Reporting Council and the Australian Accounting Standards Board to adopt International Accounting Standards (IAS) en bloc as domestic reporting standards by 1 January 2005. This article considers the current and future role and direction of the conceptual framework (CF) under the CLERP proposals and a potential IAS reporting environment after January 2005. It is argued that Australia, which has been a major innovator on CF issues, may suffer a major setback if the International Accounting Standards Board's CF is adopted in January 2005. Furthermore, while the International Accounting Standards Board (IASB) has been aggressively pursuing a set of global accounting standards, it remains unclear whether the IASB will, or can, develop an internationally relevant and generally accepted CF which can guide the development of a globally compatible set of accounting standards.

JEL Classification: M41, M47, M44

Suggested Citation

Jones, Stewart and Wolnizer, Peter, Harmonization and the Conceptual Framework: An International Perspective. Abacus, Vol. 39, pp. 375-387, October 2003. Available at SSRN: https://ssrn.com/abstract=480895

Stewart Jones (Contact Author)

University of Sydney – School of Business ( email )

Cnr. of Codrington and Rose Streets
Sydney, NSW 2006
Australia

Peter Wolnizer

The University of Sydney - Discipline of Accounting ( email )

H69 Economics and Business Building
Sydney, NSW 2006
Australia
+61 2 9351 3084 (Phone)
+61 2 9351 6639 (Fax)

Register to save articles to
your library

Register

Paper statistics

Downloads
44
Abstract Views
4,903
PlumX Metrics