Theory and practice of the proposed conceptual framework: Evidence from the field |
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| Institution: | 1. School of Accountancy, Singapore Management University, 60 Stamford Road, Singapore, 178900;2. Singapore Institute of Technology, 10 Dover Drive, Singapore, 138683;1. Dpto. Matemática Aplicada, Universidad Politécnica de Madrid (UPM), Avda. Complutense s/n. 28040 Madrid, Spain;2. C.E.I.G.R.A.M., E.T.S.I.A.A.B., UPM, Madrid, Spain;3. Grupo de Sistemas Complejos, UPM, Avda. Complutense s/n, 28040 Madrid, Spain;1. Department of Accounting and Taxation, Kogod School of Business, American University, 4400 Massachusetts Avenue, NW, Washington, DC 20016, United States;2. Department of Accounting and Legal Studies, Perdue School of Business, Salisbury University, Salisbury, MD 21801, United States;3. Department of Accounting and Taxation, Goddard School of Business and Economics, Weber State University, Dept 3803, 1337 Edvalson Street, Ogden, UT 84408, United States;4. Department of Accounting, School of Business, Virginia Commonwealth University, 301 West Main Street, Richmond, VA 23284, United States |
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| 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. |
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