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An Evolving Conceptual Framework?

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  • Graeme W. Dean
  • Frank L. Clarke

Abstract

The history of the conceptual framework (CF) exercise indicates more a search for a rationale for current practice than a re‐affirmation of the legal, social and economic (especially financial) framework within which accounting is to function, and the necessary shape of a compatible system of accounting. Interestingly, issues similar to those presaging the formation of the American Institute of Certified Public Accountants’ Wheat and Trueblood Committees (antecedents of the formation of the Financial Accounting Standards Board in 1973 and its CF project in 1976) are evident again today. Such events led to a reconsideration of the effectiveness of CFs in their current form as ‘constitutions’. Arguably, the framework of concepts underpinning ordinary, everyday commerce is the CF of accounting. The quest for a unique constitution‐based CF of accounting, independent of observables, has been misplaced, insofar it is unnecessary. Arguably, if more attention had been given to the function of accounting the futility of the CF exercise could have been avoided.

Suggested Citation

  • Graeme W. Dean & Frank L. Clarke, 2003. "An Evolving Conceptual Framework?," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 279-297, October.
    • Handle: RePEc:bla:abacus:v:39:y:2003:i:3:p:279-297
    DOI: 10.1111/j.1467-6281.2003.00133.x
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    References listed on IDEAS

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    1. Susan Newberry, 2003. "Reporting Performance: Comprehensive Income and its Components," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 325-339, October.
    2. Michael E. Bradbury, 2003. "Implications for the Conceptual Framework Arising From Accounting for Financial Instruments," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 388-397, October.
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    6. Janice A. Loftus, 2003. "The CF and Accounting Standards: The Persistence of Discrepancies," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 298-309, October.
    7. John Staunton, 2003. "A Statement of Accounting Concepts for Level 1 of the Conceptual Framework?," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 398-414, October.
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    Cited by:

    1. Michael Bromwich & Richard Macve & Shyam Sunder, 2010. "Hicksian Income in the Conceptual Framework," Abacus, Accounting Foundation, University of Sydney, vol. 46(3), pages 348-376, September.
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    4. David B. Sutton & Carolyn J. Cordery & Tony Zijl, 2015. "The Purpose of Financial Reporting: The Case for Coherence in the Conceptual Framework and Standards," Abacus, Accounting Foundation, University of Sydney, vol. 51(1), pages 116-141, March.
    5. Parmod Chand & Lorne Cummings, 2008. "The Political and Unstable Nature of the IASB's ‘Stable Platform’: Post-Convergence Australian Experience," Australian Accounting Review, CPA Australia, vol. 18(3), pages 175-184, September.
    6. Malcolm Anderson, 2004. "Accounting history publications 2003," Accounting History Review, Taylor & Francis Journals, vol. 14(2), pages 209-215.
    7. Rolf Uwe Fülbier & Joerg‐Markus Hitz & Thorsten Sellhorn, 2009. "Relevance of Academic Research and Researchers' Role in the IASB's Financial Reporting Standard Setting," Abacus, Accounting Foundation, University of Sydney, vol. 45(4), pages 455-492, December.
    8. El-Tawy, Nevine & Tollington, Tony, 2013. "Some thoughts on the recognition of assets, notably in respect of intangible assets," Accounting forum, Elsevier, vol. 37(1), pages 67-80.
    9. Sheila Ellwood & Sue Newbury, 2006. "A bridge too far: a common conceptual framework for commercial and public benefit entities," Accounting and Business Research, Taylor & Francis Journals, vol. 36(1), pages 19-32.

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