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JOURNAL OF ACCOUNTING AND FINANCE
How Meaningful Is the Latest Addition to the FASB Conceptual Framework?
Author(s): Grace F. Johnson
Citation: Grace F. Johnson, (2020) "How Meaningful Is the Latest Addition to the FASB Conceptual Framework?," Journal of Accounting and Finance, Vol. 20, ss. 5, pp. 155-163
Article Type: Research paper
Publisher: North American Business Press
Abstract:
From 1978 to 2018, the Financial Accounting Standards Board (FASB) issued Statements of Financial Accounting Concepts to guide the Board in its creation of generally accepted accounting principles. This paper reviews the purpose of the FASB’s Conceptual Framework project and briefly describes the
Concepts Statements in place prior to 2018. It explains the impetus for the latest addition to the Framework, Concepts Statement No. 8, Chapter 8. Drawing from the Statement itself, the paper highlights some of its interesting and controversial components. Finally, an evaluation of its significance is made using stakeholders’ comment letters to the FASB.
