The Social Value of FASB

Waymire Gregory B. () and Sudipta Basu
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Waymire Gregory B.: Goizueta Business School, Emory University, Atlanta, GA, USA

Accounting, Economics, and Law: A Convivium, 2022, vol. 12, issue 2, 153-180

Abstract: Ramanna (Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism. Accounting, Economics and Law: A Convivium, this issue) argues that the FASB’s new Conceptual Framework deemphasizes reliability, and especially verifiability, in favor of representational faithfulness to facilitate the FASB’s promotion of an “asset-liability” approach measured at fair values. More importantly, he argues that this change is likely to generate costly unintended consequences by undermining reporting quality. We agree and consider more broadly whether FASB creates social value through better accounting knowledge, and whether it is time to sunset the FASB monopoly in establishing accounting standards.

Keywords: conceptual framework; knowledge creation; opportunity cost; social value; exchange causality (search for similar items in EconPapers)
JEL-codes: D23 D73 M41 M48 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1515/ael-2021-0001

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