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June 15, 2026Accounting Horizons

The Conceptual Framework: Not Definitions, But Professional Values.

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Authors

DGDale L. GerbothAmerican Institute of Certified Public Accountants

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Implication

Discussion addresses the shortcomings of the FASB's conceptual framework, highlighting its limitations and critiques.

Key Points

  • This article examines the conceptual framework established by the FASB and critiques its effectiveness and impact on the accounting profession.
  • Analysis of the FASB's budget allocation towards the conceptual framework development.
  • Evaluation of opinions from accounting professionals regarding the usefulness of the final framework.
  • Critical review of inherent issues associated with aiming for consensus on abstract principles.
  • The accounting profession expresses disappointment in the conceptual framework's failure to provide clear, actionable guidance.
  • Criticism arises from significant resources spent without producing substantial improvements or new ideas.
  • The belief that agreement on abstract principles could avoid fundamental debates within the profession is challenged.

Cite This Study

Dale L. Gerboth (1987) studied this question.

synapsesocial.com/papers/6a2f980ca1cfeec490829123https://doi.org/10.2308/ah-4813312
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1Dale L. Gerboth on The Profession.1988
  2. 2Using the FASB's Conceptual Framework: Fitting the Pieces Together.1988
  3. 3SFAS No. 12 and the Conceptual Framework.1987
  4. 4Limitations on the Value of the Conceptual Framework in Evaluating Extant Accounting Standards.1990
  5. 5Accounting Standards: Conceptual or Political?1990