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| Tekijä: | Kothari, S.P. Ramanna, K. Skinner, D.J. |
| Otsikko: | Implications for GAAP from an analysis of positive research in accounting |
| Lehti: | Journal of Accounting & Economics
2010 : DEC, VOL. 50:2-3, p. 246-286 |
| Asiasana: | accounting standards accounting principles financial reporting debt regulations |
| Vapaa asiasana: | fair value GAAP |
| Kieli: | eng |
| Tiivistelmä: | This paper reviews the positive theory of GAAP (Generally Accepted Accounting Principles). The theory predicts that GAAP's principal focus is on control and that verifiability and conservatism are critical features of a GAAP shaped by market forces. The writers recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. The conclusion is that rather than converging U.S. GAAP with IFRS, competition between the FASB (Financial Accounting Standards Board) and IASB (International Accounting Standards Board) would allow GAAP to better respond to market forces. |
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