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(1)

GODFREY HODGSON HOLMES TARCA

CHAPTER 4

(2)

The role of a conceptual

framework

A structured theory of accounting

States the scope and objective of

financial reporting

Identifies and defines qualitative

characteristics of financial information

and the basic elements of accounting

Deals with principles and rules of

recognition and measurement, and

report disclosures

(3)

The role of a conceptual

framework

(4)

The role of a conceptual

framework

Issues

:

Do we need a general theory of

accounting?

Is current accounting too permissive?Are current accounting practices too

inconsistent?

Is there too much political interference

in the neutrality of accounting reports?

(5)

The role of a conceptual

framework

Benefits:

consistent, logical reporting requirements

greater compliance

enhanced accountability fewer specific standards

(6)

Objectives of conceptual

frameworks

Financial reporting should provide

information that is useful to present

and potential investors and creditors

and other users in making rational

investment,

credit

and

similar

decisions.

FASB

(7)

Objectives of conceptual

frameworks

Information should be

useful in making economic decisions

useful in assessing cash flow prospectsabout enterprise resources, claims to

(8)

Objectives of conceptual

frameworks

(9)

Developing a conceptual

framework

The development of conceptual

frameworks is influenced by two key

issues:

principles versus rules-based

approaches to standard setting

information for decision making and the

(10)

Principles-based and

rule-based standard

setting

IASB mostly produces consistent,

coherent principles-based standards

Rule-based standards may increase

comparability and verifiability and

may reduce earnings management

(11)

Principles-based and

rule-based standard

setting

The standards of the FASB have

traditionally been rule-based

Emphasis now being given to

principles

Timely given the IASB/FASB

(12)

Information for decision

making and the

decision-theory approach

Accounting data are required for

decision making or accountability

purposes

stewardship

decision making

users

(13)

Information for decision

making and the

decision-theory approach

The decision-theory approach maps

(14)

Information for decision

of accountingOverall theoryof accounting

(15)

International developments:

the IASB

and FASB

Conceptual

Framework

In 2004 the FASB and IASB agree to

undertake a joint project to:

develop an improved, common conceptual

framework

goal of developing standards that are

principles-based, internally consistent and internationally converged

(16)

International developments: the

IASB

and FASB

Conceptual

Framework

ED has several contentious areas:

entity vs proprietorship perspectiveprimary user group

decision usefulness and stewardshipqualitative characteristics

(17)

International developments:

the IASB

and FASB

Conceptual

Framework

Australia follows an approach whereby

issues for both the not-profit and

for-profit sectors are considered together

Standards are intended to apply to both

sectors

IFAC’s International Public Sector

(18)

A critique of conceptual

framework projects

Approaches to developing a CF:

scientific

recourse to logic and empiricism or both

professional

prescribes the best course of action by

recourse to professional values

(19)

A critique of conceptual

framework projects

Scientific criticisms:

prescriptive

unspecified rules and conventions

do not resolve contemporary disclosure

issues

vague definitions

do not address measurement issues

(20)

Ontological and

epistemological

assumptions

Freedom from bias (neutrality)

an information quality that avoids leading

users to conclusions that secure the particular needs, desires or preconceptions of the

preparers

Solomons: freedom from bias as ‘financial

mapmaking’

Feyerabend: scientific truth is not absoluteHines claims mainstream accounting is

‘taken-for-granted’

(21)

Circularity of reasoning

• Objective of a conceptual framework: guide the everyday practice of accountants

• A superficial view

– deducing principles from generalised theory

• Existing frameworks typified by internal circularity:

(22)

An unscientific discipline

Is accounting a science?

prescriptive by nature and value laden

Stamp

Until we are sure in our minds about the nature of accounting, it is fruitless for

the profession to invest large resources in developing a conceptual framework to support accounting standards.

(23)

Positive research

Conceptual framework projects ignore the

empirical findings of positive accounting research

in conflict with each other

Mounting evidence that capital markets

are not efficient

If the conceptual framework could ensure

(24)

The conceptual

framework as a policy

document

As a generalised body of knowledge,

conceptual frameworks fail a number of ‘scientific’ tests

The distinction between theories and

policies is important

CFs not produced in a political vacuumCFs may just be a reflection of the

dominant group’s will

(25)

Professional values and

self-preservation

‘Self-preservation’

implies the pursuit of self-interest

‘Professional values’

suggests idealism and altruism

Gerboth

sense of personal responsibility

Hines

(26)

Conceptual framework

for

auditing standards

Auditing is a discipline based in logic

The traditional verification role has

evolved into business risk auditing

(27)

Summary

The conceptual framework is intended to provide a

coherent and prescriptive guide to accounting practice

If effective it should result in the communication of

more useful financial information to users

• Developing a conceptual framework has been a long and complicated process

(28)

Key terms and concepts

Conceptual frameworks for accounting

and auditing

Statement of accounting conceptsFASB and IASB

Principles-based and rule-based standardsDecision making and decision-theory

Professional values and self-preservationBusiness risk auditing

(29)

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