Revisiting the Concepts: Time to Challenge the Asset‐Liability View

Steinar Sars Kvifte

14 citations0/0 files storedAustralian Accounting Review

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

The IASB and the FASB are in a joint project to update, complete and converge their conceptual frameworks. The two standard‐setters have not identified the merits of the asset‐liability view as a cross‐cutting issue. This paper suggests that the relationship between the objective of financial reporting and the asset‐liability view is not substantiated, and that there is little evidence that the frameworks and the asset and liability definitions have been useful in establishing objective recognition criteria. Hence, there are reasons for the FASB and the IASB to challenge the asset‐liability view.

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References

1999A Review of the Earnings Management Literature and Its Implications for Standard Setting 2008Understanding Integration: A Conceptual Framework 2003Comparative International Accounting 2003Principles-Based Accounting Standards 1999THE EVOLUTION OF THE CONCEPTUAL FRAMEWORK FOR BUSINESS ENTERPRISES IN THE UNITED STATES 1998The framework of financial accounting concepts and standards 2002Global Financial Reporting 1993A Structural Analysis of Pension Disclosures Under SFAS 87 and Their Relation to Share Prices

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