THE FASB'S CONCEPTUAL FRAMEWORK SURVIVES A MARXIST CRITIQUE: A COMMENTARY ON BRYER |
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| Institution: | 1. Division of Rheumatology, Immunology, and Allergy, Brigham and Women''s Hospital and Harvard Medical School, Boston, MA 02115, USA;2. Division of Genetics, Brigham and Women''s Hospital and Harvard Medical School, Boston, MA 02115, USA;3. Program in Medical and Population Genetics, Broad Institute of Massachusetts Technical Institute and Harvard University, Cambridge, MA 02138, USA;4. Center for Data Sciences, Brigham and Women''s Hospital, Boston, MA 02115, USA;5. Department of Biomedical Informatics, Harvard Medical School, Boston, MA 02115, USA;6. Faculty of Biology, Medicine and Health, University of Manchester, Manchester, UK;1. Casali Center of Applied Chemistry, Institute of Chemistry and the Center for Nanoscience and Nanotechnology, The Hebrew University of Jerusalem, 91904, Jerusalem, Israel;2. Faculty of Civil and Environmental Engineering, Technion I.I.T, 32000, Haifa, Israel;3. Technion Autonomous Systems Program (TASP), Technion I.I.T, 32000, Haifa, Israel;4. School of Materials Science and Engineering, Nanyang Technological University, 50 Nanyang Avenue, Singapore 639798;1. Department of Digestive Surgery, University Hospital CHU Clermont-Ferrand, France;2. Francophone Group for Enhanced Recovery After Surgery (GRACE), France;3. Department of Anaesthesiology, Anaesthesia and Intensive Care, Centre Hospitalier Lyon Sud, Hospices Civils de Lyon, Lyon, France;4. Department of Biostatistics, Hospices Civils de Lyon, Lyon, France;5. CIRI, Centre International de Recherche en Infectiologie (Equipe Laboratoire des Pathogènes Emergents), Inserm, U1111, Université Claude Bernard Lyon 1, CNRS, UMR5308, Lyon, France;6. Department of Statistics, University Hospital, Nîmes, France;7. Tunis University El Manar – Medical School of Tunis, Tunisia;8. Director of Honoris Medical Simulation Center – Tunis, Tunisia;9. Department of Nutrition, Centre Hospitalier Lyon Sud, Hospices Civils de Lyon, Lyon, France |
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| Abstract: | Rob Bryer has thrown down a fascinating challenge to practitioners of accounting standard setting and to accounting theorists by his bold conclusion that whereas the FASB's framework, founded in the marginalist concept of economic value, is subjective and vague, the Marxist theory provides accounting with a `scientific' foundation. The present author has intellectual capital both in the type of accounting theory which gave rise to the FASB's framework and in the work of the UK's Accounting Standards Board (ASB), which has adopted principles similar to those of the FASB. Not surprisingly, he was sceptical about Rob Bryer's paper, both before and after reading it. However, it is not necessary to accept the conclusions to find the argument illuminating and challenging to the accepted wisdom. What follows is a sceptic's attempt to interpret the Bryer argument and to explain the sources of doubt. The subsequent commentary follows the paper's argument chronologically and uses the same headings. A final summing up section attempts to identify the key issues identified in the commentary. |
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