CONCEPTS: In the Classroom and Research

Financial reporting requires a coherent theory to define, recognize, measure, present, and disclose assets, liability and equity claims, and comprehensive income consistent with the objective of financial reporting. Drawing on a decade of experience as a standard setter, I contend that prevailing conceptual frameworks remain insufficiently robust for this purpose. This session introduces CONCEPTS, a free resource that traces the development of recent frameworks, analyzes their limitations, and advances an alternative—the Deduced Framework—intended to support principled, theory-based resolutions to persistent issues, like liability–equity classification; basket asset acquisitions (including business combinations and goodwill); accounting for intangibles; and financial statement structure and articulation. The session also previews accompanying teaching materials available for free at www.deducedframework.com. The session is designed for instructors and researchers seeking an integrated, testable theory of financial reporting for use in both classroom instruction and scholarly inquiry.

Learning Objective(s): 1. Understand the status of existing frameworks. 2. Gain an overview of what is in the Deduced Framework, the CONCEPTS book, and its accompanying website 3. Appreciate how CONCEPTS and related materials can be used in the classroom and in research

CPE Information: Accounting

Program Level: Basic

Prerequisites: None

Advance Preparation: None

Delivery Method: Group Internet Based

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