Insights from Accounting History by Zeff Stephen A.;

Author:Zeff, Stephen A.;
Language: eng
Format: epub
Tags: Economics, Finance, Business & Industry
Publisher: Taylor & Francis Group
Published: 2010-04-20T00:00:00+00:00

At the other extreme, Peasnell [1982, p. 255] suggested that the conceptual framework:

…could be intended to do no more than provide very broad general objectives for financial reporting to which no one could take serious objection; the aim would be to ‘raise the moral tone’ of the profession.

Perhaps closure on specific accounting standards was too much to expect from a conceptual framework.

In 1911, an AAA committee composed of nine academics pessimistically concluded, after three years of study, that “theory closure cannot be dictated” and that “all theory approaches are flawed when viewed from the perspective of some alternative approach” [AAA, 1977, pp. 49, 50]. Each conceptual framework, it added, “implicitly incorporates individual beliefs and premises that cannot be proved or disproved in a logical sense” [p. 48]; hence, the committee concluded that it cannot be demonstrated that one framework is superior to all others.25

Dopuch and Sunder [1980] were similarly pessimistic of any attempt to impose a normative conceptual framework on

25Lawrence Revsine was chairman of the committee. For his views on the implication of the report for the development of a conceptual framework, see Revsine [1977, pp. 35–39].

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