1,893
Views
10
CrossRef citations to date
0
Altmetric
Articles

Response of the EAA Financial Reporting Standards Committee to the IASB Discussion Paper A Review of the Conceptual Framework for Financial Reporting

, , , &

References

  • Accounting Standards Board (1999) Statement of principles for financial reporting. Available at: https://www.frc.org.uk/Our-Work/Publications/ASB/Statement-Statement-of-Principles-for-Financial-Re.pdf
  • Accounting Standards Steering Committee (1975) The Corporate Report (London: ASSC).
  • Bailey, D. T. (1988) Introduction, in: D. T. Bailey (Ed) Accounting in Socialist Countries, p. 10 (London: Routledge).
  • Barker, R. (2004) Reporting financial performance, Accounting Horizons, 18(2), pp. 157–172. doi: 10.2308/acch.2004.18.2.157
  • Barker, R. (2010) On the definitions of income, expenses and profit in IFRS, Accounting in Europe, 7(2), pp. 147–158. doi: 10.1080/17449480.2010.511892
  • Barker, R., Barone, E., Birt, J., Gaeremynck, A., McGeachin, A., Marton, J. and Moldovan, R. (2013) Response of the EAA FRSC to the EFRAG discussion paper: towards a disclosure framework for the notes, Accounting in Europe, 10(1), pp. 1–26. doi: 10.1080/17449480.2013.772715
  • Barker, R. and McGeachin, A. (2013) Why is there inconsistency in accounting for liabilities in IFRS? An analysis of recognition, measurement, estimation and conservatism, Accounting and Business Research, 43(6), pp. 579–604. doi: 10.1080/00014788.2013.834811
  • Barth, M. E., Hodder, L. D. and Stubben, S. R. (2013) Financial reporting for employee stock options: liabilities or equity?, Review of Accounting Studies, 18(3), pp. 642–682. doi: 10.1007/s11142-013-9230-2
  • Barton, J., Hansen, B. and Pownall, G. (2010) Which performance measures do investors around the world value the most and why?, The Accounting Review, 85(3), pp. 753–789. doi: 10.2308/accr.2010.85.3.753
  • Baxter, W. T. (1975) Accounting Values and Inflation (London: McGraw Hill), pp. 138–140.
  • Baxter, W. T. (2003) The Case for Deprival Value (Edinburgh: Institute of Chartered Accountants of Scotland).
  • Beaver, W. H. and Demski, J. S. (1974) The nature of financial accounting objectives: a summary and synthesis, Journal of Accounting Research, 12(3), pp. 170–187. doi: 10.2307/2490504
  • Bloomfield, R. J., Hodge, F., Hopkins, P. and Rennekamp, K. (forthcoming) Does enhanced disaggregation and cohesive classification of financial information help credit analysts identify firms’ operating structures?, Contemporary Accounting Research.
  • Bonbright, J. C. (1937) The Valuation of Property (New York: McGraw-Hill).
  • Buchanan, J. M. (1977) Freedom in Constitutional Contract, Perspectives of a Political Economist (Indianapolis, IN: Liberty Fund).
  • Carrizosa, R. (2010) Market Participants’ Evaluation of the Economic Substance of Convertible Debt. Working paper. New York University.
  • Carsberg, B. (1984) The quest for a conceptual framework for financial reporting, in: B. Carsberg and S. Dev (Eds) External Financial Reporting, pp. 25–39 (London: Prentice Hall International, London School of Economics and Political Science).
  • Chambers, D., Linsmeier, T., Shakespeare, C. and Sougiannis, T. (2007) An evaluation of SFAS No. 130 comprehensive income disclosures, Review of Accounting Studies, 12(4), pp. 557–593. doi: 10.1007/s11142-007-9043-2
  • Chambers, R. J. (1966) Accounting, Evaluation and Economic Behavior (Englewood Cliffs, NJ: Prentice-Hall).
  • Cheng, C. S. A., Liu, C. Z., Newberry, K. and Reichelt, K. J. (2007) Should Preferred Stock be Classified as a Liability? – Evidence from Implied Cost of Equity Capital. Working paper. Louisana State University.
  • Cheng, C. S. A., Liu, C. Z. and Reichelt, K. J. (2011) An Empirical Analysis of Risk and Liability Components. Working paper. Louisana State University.
  • Christensen, H. B. and Nikolaev, V. V. (2013) Does fair value accounting for non-financial assets pass the market test?, Review of Accounting Studies, 18(3), pp. 734–775. doi: 10.1007/s11142-013-9232-0
  • CICA (2005) Measurement Bases for Financial Accounting – Measurement on Initial Recognition (London: Canadian Accounting Standards Board, for IASC Foundation).
  • Collins, D. and Kothari, S. (1989) An analysis of intertemporal and cross-sectional determinants of earnings response coefficients, Journal of Accounting and Economics, 11(2–3), pp. 143–181. doi: 10.1016/0165-4101(89)90004-9
  • Dhaliwal, D., Subramanyam, K. and Trezevant, R. (1999) Is comprehensive income superior to net income as a measure of firm performance?, Journal of Accounting and Economics, 26(1–3), pp. 43–67. doi: 10.1016/S0165-4101(98)00033-0
  • Dichev, I. D. (2008) On the balance sheet-based model of financial reporting, Accounting Horizons , 22(4), pp. 453–470. doi: 10.2308/acch.2008.22.4.453
  • Doyle, J., Jennings, J. and Soliman, M. (2013) Do managers define non-GAAP earnings to meet or beat analyst forecasts?, Journal of Accounting and Economics, 56(1), pp. 40–56. doi: 10.1016/j.jacceco.2013.03.002
  • Edwards, E. O. and Bell, P. W. (1961) The Theory and Measurement of Business Income (Berkeley, CA: University of California Press).
  • Elliott, W. B., Hobson, J. L. and Jackson, K. E. (2011) Disaggregating management forecasts to reduce investors’ susceptibility to earnings fixation, The Accounting Review, 86(1), pp. 185–208. doi: 10.2308/accr.00000013
  • European Financial Reporting Advisory Group (EFRAG), Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (AsCG), the Organismo Italiano di Contabilità (OIC) and the Financial Reporting Council (FRC) (2013a) Getting a Better Framework: The Asset and Liability Approach (Brussels: EFRAG).
  • European Financial Reporting Advisory Group (EFRAG), Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (AsCG), the Organismo Italiano di Contabilità (OIC) and the Financial Reporting Council (FRC) (2013b) Prudence (Brussels: EFRAG).
  • Gee, K. and Peasnell, K. (1976) A pragmatic defence of replacement cost, Accounting and Business Research, 6(24), pp. 242–249. doi: 10.1080/00014788.1976.9728691
  • Gélard, G. (2010) Du bon usage d'un cadre conceptuel amélioré, Revue Française de Comptabilité, 437, p. 36.
  • Hines, R. (1988) Financial accounting: in communicating reality, we construct reality, Accounting, Organizations and Society, 13(3), pp. 251–261. doi: 10.1016/0361-3682(88)90003-7
  • Hirst, D. E. and Hopkins, P. E. (1998) Comprehensive income reporting and analysts’ valuation judgments, Journal of Accounting Research, 36(Supplement), pp. 47–75. doi: 10.2307/2491306
  • Horton, J. and Macve, R. (2000) “Fair value” for financial instruments: how erasing theory is leading to unworkable global accounting standards for performance reporting, Australian Accounting Review, 10(2), pp. 26–39. doi: 10.1111/j.1835-2561.2000.tb00060.x
  • Horton, J., Macve, R. and Serafeim, G. (2011) “Deprival value” vs “fair value” measurement for contract liabilities: how to resolve the “revenue recognition” conundrum?, Accounting and Business Research, 41(5), pp. 491–514. doi: 10.1080/00014788.2011.603206
  • Hsu, A. W., Duh, R. and Cheng, K. (2012) Does the control-based approach to consolidated statements better reflect market value than the ownership-based approach?, The International Journal of Accounting, 47(2), pp. 198–225. doi: 10.1016/j.intacc.2012.03.003
  • Hunton, J. E., Libby, R. and Mazza, C. L. (2006) Financial reporting transparency and earnings management, The Accounting Review, 81(1), pp. 135–157. doi: 10.2308/accr.2006.81.1.135
  • IASB (2010) Measurement of Liabilities in IAS 37 (London: International Accounting Standards Board).
  • Ijiri, Y. (1971) A defense of historical cost accounting, in: R. R. Sterling (Ed) Asset Valuation and Income Determination (Houston, TX: Scholars Book Co.).
  • International Integrated Reporting Council (2013) Consultation Draft of the <IR> Framework (London: IIRC).
  • IPSASB (2010) Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Measurement of Assets and Liabilities in Financial Statements, Consultation Paper (New York: International Public Sector Accounting Standards Board).
  • Jones, D. and Smith, K. (2011) Comparing the value relevance, predictive value, and persistence of other comprehensive income and special items, Accounting Review, 86(6), pp. 2047–2073. doi: 10.2308/accr-10133
  • Kerr, Jean St. G. (1981) Liabilities in a current value accounting system, in: D. M. Emanuel and I. C. Stewart (Eds) Essays in Honour of Trevor R. Johnston, pp. 233–240 (Auckland: University of Auckland Press).
  • Khan, M. and Watts, R. L. (2009) Estimation and empirical properties of a firm-year measure of accounting conservatism, Journal of Accounting and Economics, 48(2/3), pp. 132–150. doi: 10.1016/j.jacceco.2009.08.002
  • Kieser, A. (1985) Organizations, in: A. Kuper and J. Kuper (Eds) The Social Science Encyclopedia, p. 566 (London: Routledge and Kegan Paul).
  • Kormendi, R. and Lipe, R. (1987) Earnings innovations, earnings persistence and stock returns, Journal of Business, 60(3), pp. 323–345. doi: 10.1086/296400
  • Kulkarni, D. (1980) The valuation of liabilities, Accounting and Business Research, 10(2), pp. 291–297. doi: 10.1080/00014788.1980.9728756
  • Kvifte, S. S. (2008) Revisiting the concepts: time to challenge the asset-liability view, Australian Accounting Review, 18(44), pp. 81–92. doi: 10.1111/j.1835-2561.2008.0008.x
  • LaFond, R. and Watts, R. L. (2008) The information role of conservatism, The Accounting Review, 83(2), pp. 447–478. doi: 10.2308/accr.2008.83.2.447
  • Lee, T. A. (1985) Income and Value Measurement, 3rd ed. (Wokingham, UK: Van Nostrand Reinhold).
  • Lennard, A. (2002) Liabilities and How to Account for Them: An Exploratory Essay (London: ASB).
  • Libby, R., Bloomfield, R. and Nelson, M. W. (2002) Experimental research in financial accounting, Accounting, Organizations and Society, 27(8), pp. 775–810. doi: 10.1016/S0361-3682(01)00011-3
  • Libby, R. and Emett, S. (2014) Earnings presentation effects on manager reporting choices and investor decisions, Accounting and Business Research, 44(4), pp. 410–438. doi: 10.1080/00014788.2014.906121
  • Linsmeier, T. J. (2013) A standard setter's framework for selecting between fair value and historical cost measurement attributes: a basis for discussion of “Does fair value accounting for nonfinancial assets pass the market test?”, Review of Accounting Studies, 18(3), pp. 776–782. doi: 10.1007/s11142-013-9238-7
  • Linsmeier, T. J., Gribble, J., Jennings, R. G., Lang, M. H., Penman, S. H., Petroni, K. R., Shores, D., Smith, J. H. and Warfield, T. D. (1997) American Accounting Association's financial accounting standards committee, an issues paper on comprehensive income, Accounting Horizons, 11(2), pp. 120–126.
  • MacNeal, K. F. (1939) Truth in Accounting (Philadelphia: University of Pennsylvania Press).
  • Macve, R. (1981) A Conceptual Framework for Financial Accounting and Reporting: The Possibilities for an Agreed Structure (London: ICAEW).
  • Morris, J. (2002) Keiretsu, in: M. Warner (Ed) International Encyclopedia of Business and Management, p. 3616 (London: Thomson Learning).
  • Mumford, M. (1979) The end of a familiar inflation accounting cycle, Accounting and Business Research, 9(1), pp. 98–104. doi: 10.1080/00014788.1979.9729146
  • Näsi, S., Saccon, C., Wüstemann, S. and Walton, P. (2014) European accounting theory: evolution and evaluation, in: C. Van Mourik and P. Walton (Eds) The Routledge Companion to Accounting, Reporting and Regulation, pp. 54–71 (Abingdon, UK: Routledge).
  • Nobes, C. W. (2001) Asset Measurement Bases in UK and IASC Standards (London: Association of Chartered Certified Accountants).
  • Nobes, C. W. (2003) Liabilities and their Measurement in UK and International Accounting Standards (London: Association of Chartered Certified Accountants).
  • Nobes, C. W. (2011) On relief value (deprival value) versus fair value measurement for contract liabilities: a comment and a response, Accounting and Business Research, 41(5), pp. 515–524. doi: 10.1080/00014788.2011.623280
  • Nobes, C. W. (2012) On the definitions of income and revenue in IFRS, Accounting in Europe, 9(1), pp. 85–94. doi: 10.1080/17449480.2012.664395
  • O'Hanlon, J. F. and Pope, P. F. (1999) The value-relevance of UK dirty surplus accounting flows, The British Accounting Review, 31(4), pp. 459–482. doi: 10.1006/bare.1999.0116
  • Ohlson, J. A. (1995) Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research, 11(2), pp. 661–687. doi: 10.1111/j.1911-3846.1995.tb00461.x
  • Parker, R. and Harcourt, G. (1969) Readings in the Concept and Measurement of Income (Cambridge: Cambridge University Press).
  • Pelger, C. (2013) Qualitative Constructs in Financial Reporting Standard-Setting: A Case Study of the Rise and Fall of Reliability. Conference Paper, Eufin, September 2013, Valencia.
  • Penman, S. (2009) Financial Statement Analysis and Security Valuation, 4th ed. (New York: McGraw-Hill).
  • Penman, S. (2010) Accounting for Value (New York: Columbia University Press).
  • Rees, L. and Shane, P. (2012). Academic Research and Standard-Setting: The Case of Other Comprehensive Income. Working paper (Norwalk, CT: FASB).
  • Schmidt, F. (1930) The importance of replacement value, The Accounting Review, 5 September, pp. 235–242.
  • Sorge, A. (2002) Organisation behavior, in: M. Warner (Ed) International Encyclopedia of Business and Management, p. 4909 (London: Thomson Learning).
  • Sprague, C. E. (1907) The philosophy of accounts. Reprinted in M. Moonitz and A. C. Littleton (Eds) Significant Accounting Essays (Englewood Cliffs, NJ: Prentice Hall), 1965.
  • Sterling, R. R. (1970) Theory of the Measurement of Enterprise Income (Lawrence, KS: University of Kansas Press).
  • Storey, R. and Storey, S. (1998) The Framework of Financial Accounting Concepts and Standards (Norwalk, CT: FASB).
  • Sundem, G. L. (2007) A note on the information perspective and the conceptual framework, in: R. Antle, G. Frøysten and P. J. Liang (Eds) Essays in Accounting Theory in Honour of Joel S Demski, pp. 285–293 (New York: Springer Science+Business Media).
  • Sweeney, H. W. (1927) Effects of inflation on German accounting, Journal of Accountancy, 43(3), March.
  • Sweeney, H. W. (1936) Stabilized Accounting (New York: Harper).
  • Tarca, A., Brown, P. R., Hancock, P., Woodliff, D., Bradbury, M. and van Zijl, T. (2008) Identifying decision useful information with the matrix format income statement, Journal of International Financial Management & Accounting, 19(2), pp. 184–217. doi: 10.1111/j.1467-646X.2008.01021.x
  • Thinggaard, F., Wagenhofer, A., Evans, L., Gebhardt, G., Hoogendoorn, M., Marton, J., Di Pietra, R., Mora, A. and Peasnell, K. (2006) Performance reporting – the IASB's proposed formats of financial statements in the exposure draft of IAS 1, Accounting in Europe, 3(1), pp. 35–63. doi: 10.1080/09638180600920152
  • Van Mourik, C. M. (2010) The equity theories and financial reporting: an analysis, Accounting in Europe, 7(2), pp. 191–211. doi: 10.1080/17449480.2010.511885
  • Van Zijl, T. and Whittington, G. (2006) Deprival value and fair value: a reinterpretation and a reconciliation, Accounting and Business Research, 36(2), pp. 121–130. doi: 10.1080/00014788.2006.9730014
  • Walton, P. (1995) International accounting and history, in: P. Walton (Ed) European Financial Reporting – A History, pp. 1–10 (London: Academic Press).
  • Watts, R. L. (2003a) Conservatism in accounting part I: explanations and implications, Accounting Horizons, 17(3), pp. 207–221. doi: 10.2308/acch.2003.17.3.207
  • Watts, R. L. (2003b) Conservatism in accounting part II: evidence and research opportunities, Accounting Horizons, 17(4), pp. 287–301. doi: 10.2308/acch.2003.17.4.287
  • Watts, R. L. and Zuo, L. (2012) Accounting Conservatism and Firm Value: Evidence from the Global Financial Crisis, SSRN Working Paper Series.
  • Whittington, G. (1983) Inflation AccountingAn Introduction to the Debate (Cambridge: Cambridge University Press).
  • Young, S. (2014) The drivers, consequences and policy implications of non-GAAP earnings reporting, Accounting and Business Research, 44(4), pp. 444–465. doi: 10.1080/00014788.2014.900952
  • Zeff, S. A. (1982) Truth in accounting: the ordeal of Kenneth MacNeal, The Accounting Review, 57(3), pp. 528–553.
  • Zeff, S. A. (2007) The SEC rules historical cost accounting: 1934 to 1970s, Accounting and Business Research, Special Issue, International Accounting Policy Forum, 37(Supplement), pp. 49–62. doi: 10.1080/00014788.2007.9730085
  • Zeff, S. A. (2013) The objectives of financial reporting: a historical survey and analysis, Accounting and Business Research, 43(4), pp. 262–327. doi: 10.1080/00014788.2013.782237
  • Zeff, S. A., van der Wel, F. and Camfferman, K. (1992) Company Financial Reporting: A Historical and Comparative Study of the Dutch Regulatory Process (Amsterdam: North-Holland).

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.