This paper addresses the issues that confront the FASB and IASB in developing a new conceptual framework document. First, we suggest characteristics that a conceptual framework ought to exhibit. Most of these suggestions are based on our critique of the existing framework and the FASB-IASB work in progress. Second, we present a model framework that exhibits these characteristics. We emphasize up front that this framework is quite explicit. It goes to the heart of what a framework document should do: it places specific restrictions on what constitutes admissible accounting standards. The purpose of our effort is to stimulate broad discussion of alternative approaches to foundational documents and to offer a specific example of such an alternative approach.
Benston, George, Douglas Carmichael, Joel Demski, Bala Dharan, Karim Jamal, Robert Laux, Shivaram Rajgopal, and George Vrana. "The FASB's Conceptual Framework for Financial Reporting: A Critical Analysis." Accounting Horizons 21, no. 2 (June 2007): 229-238.
Each author name for a Columbia Business School faculty member is linked to a faculty research page, which lists additional publications by that faculty member.
Each topic is linked to an index of publications on that topic.