Is accounting ready for the dual measurement in the statement of financial position and the statement of profit or loss? Content analysis of comment letters to the Exposure Draft of the Conceptual Framework
Journal Title: Zeszyty Teoretyczne Rachunkowości - Year 2019, Vol 2019, Issue 103
Abstract
The aim of the paper is to study the responses of the IASB constituents to the Exposure Draft of the Conceptual Framework, given on the proposed matter of dual measurement for the statement of financial position and the statement of profit or loss, and to assess their potential impact on standard-setting and accounting practice. The authors briefly analysed the literature about measurement bases and then presented the results of their empirical research. The research methodology involves mainly content analysis of comment letters sent to the IASB in response to the Exposure Draft of the Conceptual Framework. On the basis of the gathered data, the authors concluded that despite the positive feedback that the proposal received, the number of suggestions made and the concerns it provoked may lead to the conclusion that the concept was introduced too early and thus not developed well. The IASB did not provide enough justification behind their proposal. The Board seems more interested in enforcing certain solutions than actually dealing with the problems related to them. The lack of a clear conceptual concept behind the dual measurement basis may cause it to remain rather an ad hoc tool used to forge a compromise. It may even be seen just as a post factum description of inconsistently applied measurement bases in IFRS.<br/><br/>
Authors and Affiliations
Przemysław Mućko, Magdalena Janowicz, Stanisław Hońko, Michał Hendryk
Keywords
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- EP ID EP640591
- DOI 10.5604/01.3001.0013.3083
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