Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently published the final version of Chapter 1 of their joint Conceptual Framework for Financial Reporting (IASB/FASB, 2010).In this article, we focus on two of the key issues addressed in Chap...
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| Format: | Article |
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Elsevier B.V.
2013
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| _version_ | 1803627674408583168 |
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| author | Murphy, Timothy John O’Connell, Vincent Ó hÓgartaigh, Ciarán |
| author_facet | Murphy, Timothy John O’Connell, Vincent Ó hÓgartaigh, Ciarán |
| author_sort | Murphy, Timothy John |
| collection | UUM |
| description | The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently published the final version of Chapter 1 of their joint Conceptual Framework for Financial Reporting (IASB/FASB, 2010).In this article, we focus on two of the key issues addressed in Chapter 1: stewardship and the definition of the primary user groups of financial statements.To address the discourses surrounding the evolution of Chapter 1, we introduce the concept of “living law” from sociological jurisprudence into accounting scholarship.We first trace the role of stewardship/accountability in the evolution—from antiquity to the present day—of the living law of accounting.We then explore the origin, nature, and implications—from a living law perspective—of the moral traditions associated with stewardship/accountability.Our analysis suggests that stewardship has been, and continues to be, embedded in the living law of accounting—notwithstanding the formal pronouncements of standard setters.We also examine the social accounting project from a living law perspective and we suggest that such an analysis provides new possibilities for addressing core social accounting concerns.We conclude by arguing that, particularly in light of the far reaching impact of the neoliberal agenda, there is an urgent need for scholars in both contemporary “social” and “mainstream” accounting to recognize and build upon their shared living law heritage rooted in the age-old traditions of stewardship/accountability. |
| first_indexed | 2024-07-04T06:09:49Z |
| format | Article |
| id | uum-19163 |
| institution | Universiti Utara Malaysia |
| last_indexed | 2024-07-04T06:09:49Z |
| publishDate | 2013 |
| publisher | Elsevier B.V. |
| record_format | dspace |
| spelling | uum-191632016-11-10T06:27:48Z https://repo.uum.edu.my/id/eprint/19163/ Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting Murphy, Timothy John O’Connell, Vincent Ó hÓgartaigh, Ciarán HF5601 Accounting The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) recently published the final version of Chapter 1 of their joint Conceptual Framework for Financial Reporting (IASB/FASB, 2010).In this article, we focus on two of the key issues addressed in Chapter 1: stewardship and the definition of the primary user groups of financial statements.To address the discourses surrounding the evolution of Chapter 1, we introduce the concept of “living law” from sociological jurisprudence into accounting scholarship.We first trace the role of stewardship/accountability in the evolution—from antiquity to the present day—of the living law of accounting.We then explore the origin, nature, and implications—from a living law perspective—of the moral traditions associated with stewardship/accountability.Our analysis suggests that stewardship has been, and continues to be, embedded in the living law of accounting—notwithstanding the formal pronouncements of standard setters.We also examine the social accounting project from a living law perspective and we suggest that such an analysis provides new possibilities for addressing core social accounting concerns.We conclude by arguing that, particularly in light of the far reaching impact of the neoliberal agenda, there is an urgent need for scholars in both contemporary “social” and “mainstream” accounting to recognize and build upon their shared living law heritage rooted in the age-old traditions of stewardship/accountability. Elsevier B.V. 2013 Article PeerReviewed Murphy, Timothy John and O’Connell, Vincent and Ó hÓgartaigh, Ciarán (2013) Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting. Accounting, Organizations and Society, 38 (1). pp. 72-91. ISSN 0361-3682 http://doi.org/10.1016/j.aos.2012.07.003 doi:10.1016/j.aos.2012.07.003 doi:10.1016/j.aos.2012.07.003 |
| spellingShingle | HF5601 Accounting Murphy, Timothy John O’Connell, Vincent Ó hÓgartaigh, Ciarán Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title | Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title_full | Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title_fullStr | Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title_full_unstemmed | Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title_short | Discourses surrounding the evolution of the IASB/FASB conceptual framework: What they reveal about the “living law” of accounting |
| title_sort | discourses surrounding the evolution of the iasb fasb conceptual framework what they reveal about the living law of accounting |
| topic | HF5601 Accounting |
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