The Social Value of FASB-Reference-Cited by-同舟云学术

The Social Value of FASB

Published:2022-02-28 Issue:2 Volume:12 Page:153-180
ISSN:2152-2820
Container-title:Accounting, Economics, and Law: A Convivium
language:en
Short-container-title:

Author:

Waymire Gregory B.¹²,Basu Sudipta³

Affiliation:

1. Goizueta Business School , Emory University , Atlanta , GA , USA

2. Argyros School of Business , Chapman University , Orange , CA , USA

3. Fox School of Business , Temple University , Philadelphia , PA , USA

Abstract

Abstract Ramanna (Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism. Accounting, Economics and Law: A Convivium, this issue) argues that the FASB’s new Conceptual Framework deemphasizes reliability, and especially verifiability, in favor of representational faithfulness to facilitate the FASB’s promotion of an “asset-liability” approach measured at fair values. More importantly, he argues that this change is likely to generate costly unintended consequences by undermining reporting quality. We agree and consider more broadly whether FASB creates social value through better accounting knowledge, and whether it is time to sunset the FASB monopoly in establishing accounting standards.

Publisher

Walter de Gruyter GmbH

Subject

Law,Economics, Econometrics and Finance (miscellaneous),Accounting

Link

https://www.degruyter.com/document/doi/10.1515/ael-2021-0001/pdf

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