Article2013

The objectives of financial reporting: a historical survey and analysis

150 citations0/0 files storedAccounting and Business Research

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

Abstract

This article is a survey and analysis of the succession of writings on the objectives of financial reporting during the past 90 years. Its aim is to contribute towards an understanding of the origins, significance, and limitations of conceptual frameworks. The article begins with a review of the extensive literature, including the series of recommended and approved conceptual frameworks, in the USA and then proceeds to examine the corresponding literatures in Great Britain, Canada, and Australia, followed by a discussion of the framework issued by the International Accounting Standards Committee in 1989 and Chapters 1 and 3 of the framework issued by the International Accounting Standards Board and Financial Accounting Standards Board in 2010. Summary remarks about Continental Europe conclude the survey. Attention is drawn to the criticisms of the objectives approach as well as to its possible perverse consequences for the remainder of the framework. In the course of the survey, there is an attempt to trace the evolution of stewardship and conservatism, or prudence, in the series of frameworks.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 1933The Modern Corporation and Private Property 1985Positive Accounting Theory 2003Conservatism in Accounting Part I: Explanations and Implications 1986Creating shareholder value : the new standard for business performance 1985Accounting in its social context: Towards a history of value added in the United Kingdom 1977Corporate Financial Statements, A Product of the Market and Political Processes 1940An introduction to corporate accounting standards

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2015Practices of standard-setting – An analysis of the IASB's and FASB's process of identifying the objective of financial reporting 2014“Twisting words”? A study of the construction and reconstruction of reliability in financial reporting standard-setting 2015The qualitative characteristics of financial information, and managers’ accounting decisions: evidence from IFRS policy changes 2015Conservatism, prudence and the IASB's conceptual framework 2022Conceptions of materiality in sustainability reporting frameworks: commonalities, differences and possibilities

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