Conceptual Frameworks

Paper Summary:

The paper discusses the changes in the proposed Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) conceptual framework development initiative. The paper explains that the changes aim to bring coordination between both the FASB and IASB conceptual frameworks and also to bring the individual organization's frameworks into line with their set standards.

From the Paper:

"The FASB report entitled Selected Issues Relating to Assets and Liabilities with Uncertainties was based on a joint 2004 project between FASB and IASB with the purpose of improving the organization's conceptual framework. The areas of improvements generally focus on establishing objectives for better financial reporting by creating qualitative characteristics to be used when conducting financial reporting. The main area of interest in the report is assets and liabilities, primarily the role of probability and uncertainty in defining, recognizing and measuring assets and liabilities."

Sample of Sources Used:

• Casabona, Patrick and Robert Traficanti. (2001): Investment Pricing Methods: A Guide for Accounting and Financial Professionals. New York: John Wiley & Sons, Inc.
• Financial Accounting Standards Board. (2006): Selected Issues Relating to Assets and Liabilities with Uncertainties: Invitation to Comment. Financial Accounting Foundation.
• Mulvey, John M. and William T. Ziemba. (1998): Worldwide Asset and Liability Modeling. Cambridge: Cambridge University Press.

More papers on Conceptual Frameworks:

• Article Review # 129554 : "Conceptual Frameworks"
• Research Paper # 96792 : "Conceptual Framework"
• Research Paper # 49473 : "Pain and Three Nursing Conceptual Models"

APA Citation:

MLA Citation: