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A Statement of Accounting Concepts for Level 1 of the Conceptual Framework?

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  • John Staunton

Abstract

The type of reporting found in corporate governance includes financial reporting, but over time various arguments have developed regarding a tension found between conventional and financial type reporting, especially as to the role of financial statements. Further tensions follow from the introduction of economic and social issues within both conventional accounting and financial reports. This article argues that distinct, though related, frameworks at particular levels are required. The mingling of conventional accounting with financial and economic ideas and issues is evident in the conceptual framework (CF) project where there is reference to economic benefits and costs in making economic decisions for the allocation of resources. This results in a misconception of the function of these distinct types of information. An unravelling of particular issues will require a Statement of Accounting Concepts (SAC) for Level 1 of the CF.

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  • 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.
    • Handle: RePEc:bla:abacus:v:39:y:2003:i:3:p:398-414
    DOI: 10.1111/j.1467-6281.2003.00141.x
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    References listed on IDEAS

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    1. Allan Barton, 2003. "The Department of Defence — Australia's Most Profitable Business?," Australian Accounting Review, CPA Australia, vol. 13(30), pages 35-40, July.
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    Cited by:

    1. Graeme W. Dean & Frank L. Clarke, 2003. "An Evolving Conceptual Framework?," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 279-297, October.

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