Theory and practice of the proposed conceptual framework: Evidence from the field

Kevin Ow Yong, Chu Yeong Lim and Pearl Tan

Advances in accounting, 2016, vol. 35, issue C, 62-74

Abstract: We provide survey evidence of chartered accountants' perspectives on the proposed conceptual framework of the International Accounting Standards Board. Our survey obtains their views on the changes in the definitions of assets and liabilities, recognition criterion, and additional guidance in these areas, as well as issues relating to other comprehensive income, business model-based accounting, and choice of measurement basis. Our field evidence suggests broad consensus with respect to most of these changes. The areas that generate the most disagreement among our respondents relate to the removal of economic benefits in the proposed asset definition, the proposal to remove the minimum probability threshold from the asset recognition criterion, and the use of fair value as a measurement basis for certain difficult to measure assets. Overall, our results provide interesting insights regarding how chartered accountants view the proposed conceptual framework.

Keywords: Conceptual Framework; Fair value accounting; Other comprehensive income (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0882611016300724
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:advacc:v:35:y:2016:i:c:p:62-74

DOI: 10.1016/j.adiac.2016.04.001

Access Statistics for this article

Advances in accounting is currently edited by Dennis Caplan

More articles in Advances in accounting from Elsevier
Bibliographic data for series maintained by Catherine Liu ().