Publication Type

Journal Article

Publication Date

12-2016

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

Discipline

Accounting | Corporate Finance

Research Areas

Corporate Reporting and Disclosure

Publication

Advances in Accounting

Volume

35

First Page

62

Last Page

74

ISSN

0882-6110

Identifier

10.1016/j.adiac.2016.04.001

Publisher

Elsevier

Embargo Period

12-1-2017

Creative Commons License

Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 4.0 License.

Additional URL

http://doi.org/10.1016/j.adiac.2016.04.001

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