A framework for financial reporting standards: Issues and a suggested model

James Arvid Ohlson, Stephen Penman, Robert Bloomfield, Theodore E. Christensen, Robert Colson, Karim Jamal, Stephen Moehrle, Gary Previts, Thomas Stober, Shyam Sunder, Ross L. Watts

Research output: Journal article publicationJournal articleAcademic researchpeer-review

16 Citations (Scopus)


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.
Original languageEnglish
Pages (from-to)471-485
Number of pages15
JournalAccounting Horizons
Issue number3
Publication statusPublished - 2 Nov 2010


  • Accounting standards
  • Conceptual framework
  • FASB
  • Financial reporting
  • IASB

ASJC Scopus subject areas

  • Accounting

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