What kind of accounting standards

This paper focuses on a long-standing challenge for standard setters: what kind of standards should they write? How specific and prescriptive should standards be? How should cost considerations influence requirements? How should standard setters balance comparability with effective communication of...

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Bibliographic Details
Published inAccounting and management information systems Vol. 14; no. 3; p. 439
Main Author Tokara, Mary
Format Journal Article
LanguageEnglish
Published Bucharest Bucharest Academy of Economic Studies 01.09.2015
Subjects
Accountants
Accounting
Accounting standards
Business models
Communication
Corporate planning
Fair value
Financial instruments
Financial reporting
Financial statements
Insurance companies
International accounting standards
International finance
International Financial Reporting Standards
Reporting requirements
Revenue recognition
Stock options
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ISSN1843-8105
2559-6004

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Summary:This paper focuses on a long-standing challenge for standard setters: what kind of standards should they write? How specific and prescriptive should standards be? How should cost considerations influence requirements? How should standard setters balance comparability with effective communication of an entity's strategy and business model? What are reasonable expectations for the use of judgement? And what is the interaction of the types of standards with the training - both skills and subject matter knowledge - of accountants? These issues are explored using examples from recent IASB standard setting, primarily the IASB's new revenue standard. The author concludes that there is no single answer.
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ISSN:1843-8105
2559-6004