The IASB and ASBJ Conceptual Frameworks: Same Objective, Different Income Concepts

van Mourik, Carien and Katsuo, Yuko (2015). The IASB and ASBJ Conceptual Frameworks: Same Objective, Different Income Concepts. Accounting Horizons, 29(1) pp. 199–216.

DOI: https://doi.org/10.2308/acch-50902

Abstract

This paper illustrates that, despite their general agreement on the decision-usefulness objective of general purpose financial reporting, the Accounting Standard Board of Japan (ASBJ) and the International Accounting Standards Board (IASB)'s conceptual frameworks are based on two different concepts of financial performance. By identifying and contrasting the two financial performance concepts and their impact on the rest of the frameworks and by explaining the thinking that underpins the ASBJ's chosen financial performance concept, it contributes to a debate about the role of financial performance concepts in fulfilling the decision-usefulness objective. Such a debate is pertinent to the revision of the IASB's Conceptual Framework, which is scheduled for completion in 2015.

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About

• Item ORO ID
• 48694
• Item Type
• Journal Item
• ISSN
• 1558-7975
• Project Funding Details

• Funded Project Name	Project ID	Funding Body
  JSPS Kakenhi Grant	24530571	Japanese Society for the Promotion of Science

• Keywords
• accounting conceptual frameworks; financial performance concepts; decision usefulness; income theory
• Academic Unit or School
• Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
  Faculty of Business and Law (FBL) > Business
  Faculty of Business and Law (FBL)
• Copyright Holders
• © 2015 American Accounting Association
• Depositing User
• Catharina Van Mourik