The Future of Financial Reporting Term Paper by Quality Writers

The Future of Financial Reporting
This paper explores the development of a conceptual framework for financial reporting and accounting by the Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB).
# 101697 | 1,734 words | 19 sources | MLA | 2008 | US
Published on Feb 28, 2008 in Accounting (Financial) , Business (Finance, Investment and Banking)


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Description:

The paper explores if the proposed conceptual framework for financial reporting and accounting covers the main facets of the original framework of both the FASB and the IASB and whether the purpose of financial reporting is omitting a vital element. The paper further examines whether the decision-useful objective necessarily encompasses the stewardship objective. The paper concludes that it is necessary to have separate objectives related to stewardship and decision-usefulness.

Outline:
Introduction
Financial Reporting that is 'Decision-Usefulness'
Stewardship Objective
Should the Stewardship Objective be Included Separately?

From the Paper:

"The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) have decided to revise their conceptual frameworks for financial reporting and accounting. Ideally, the present framework of both boards will be broader and expansive so as to develop a conceptual framework, which both Boards can use as an outline for new and revised accounting standards. This amalgamation is very important since markets become more international in scope, there is a need for global accounting standards that are consistent irrespective of the geographical boundaries. Also, 'there was a need to provide direction and structure to financial accounting and reporting' (Penman 2006)."

Sample of Sources Used:

  • Bullen, H. & Crook, B. 2005, 'Revisiting concepts', Financial Accounting Standards Board and International Accounting Standards Board, May. Available at http://www.fasb.org/articles&reports/revisiting_the_concepts_may_05.pdf
  • Chisnall, P. 2006, 'Comments by the British bankers'. International Accounting Standards Discussion Papers, November. Available at http://www.iasb.org/NR/rdonlyres/A0C8D05A-FD43-4A82-9F99-0348C85E45B9/0/CL171.pdf
  • Crook, K. & Hague, I. 2006, 'Conceptual framework', Accounting Standards Board Public Meeting, September. Available at http://www.frc.org.uk/documents/pagemanager/asb/Background%20Paper%20Prepared%20by%20ASB.pdf
  • Ehrhardt, M. 1994, The Search for Value: Measuring the Company's Cost of Capital, Oxford University Press, Oxford.
  • English, J. 2001, Applied Equity Analysis: Stock Valuation Techniques for Wall Street Professionals, McGraw-Hill.

Cite this Term Paper:

APA Format

The Future of Financial Reporting (2008, February 28) Retrieved January 19, 2022, from https://www.academon.com/term-paper/the-future-of-financial-reporting-101697/

MLA Format

"The Future of Financial Reporting" 28 February 2008. Web. 19 January. 2022. <https://www.academon.com/term-paper/the-future-of-financial-reporting-101697/>

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