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The Social Value of FASB

Author

Listed:
  • Waymire Gregory B.

    (Goizueta Business School, Emory University, Atlanta, GA, USA)

  • Basu Sudipta

    (Fox School of Business, Temple University, Philadelphia, PA, USA)

Abstract

Ramanna (Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism. Accounting, Economics and Law: A Convivium, this issue) argues that the FASB’s new Conceptual Framework deemphasizes reliability, and especially verifiability, in favor of representational faithfulness to facilitate the FASB’s promotion of an “asset-liability” approach measured at fair values. More importantly, he argues that this change is likely to generate costly unintended consequences by undermining reporting quality. We agree and consider more broadly whether FASB creates social value through better accounting knowledge, and whether it is time to sunset the FASB monopoly in establishing accounting standards.

Suggested Citation

  • Waymire Gregory B. & Basu Sudipta, 2022. "The Social Value of FASB," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 12(2), pages 153-180, May.
    • Handle: RePEc:bpj:aelcon:v:12:y:2022:i:2:p:153-180:n:9
    DOI: 10.1515/ael-2021-0001
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    More about this item

    Keywords

    conceptual framework; knowledge creation; opportunity cost; social value; exchange causality;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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