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Framework-based Approach to Teaching Principle-based Accounting Standards

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  • Michael J. C. Wells

Abstract

To a large extent, financial statements that conform to International Financial Reporting Standards (IFRSs) are based on estimates, judgements and models rather than exact depictions. Because the International Accounting Standards Board (IASB) Conceptual Framework establishes the concepts that underlie those estimates, judgements and models, it provides a basis for the use of judgement in resolving accounting issues. Because the objective of the Conceptual Framework is to facilitate the consistent and logical formulation of IFRSs, adopting a Framework-based approach to teaching IFRSs provides students with a cohesive understanding of IFRSs by relating the requirements in IFRSs to the objective of IFRS financial information and the concepts that underlie IFRSs and inform its development. That understanding should enhance the ability of students to exercise the judgements that are necessary to apply IFRSs and it should better prepare them to continuously update their IFRS knowledge and competencies in the context of life-long learning.

Suggested Citation

  • Michael J. C. Wells, 2011. "Framework-based Approach to Teaching Principle-based Accounting Standards," Accounting Education, Taylor & Francis Journals, vol. 20(4), pages 303-316, March.
    • Handle: RePEc:taf:accted:v:20:y:2011:i:4:p:303-316
    DOI: 10.1080/09639284.2011.569128
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    Cited by:

    1. Jermakowicz, Eva K. & Reinstein, Alan & Churyk, Natalie Tatiana, 2014. "IFRS framework-based case study: DaimlerChrysler – Adopting IFRS accounting policies," Journal of Accounting Education, Elsevier, vol. 32(3), pages 288-304.
    2. Murphy, Tim & O’Connell, Vincent, 2017. "Challenging the dominance of formalism in accounting education: An analysis of the potential of stewardship in light of the evolution of legal education," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 44(C), pages 1-29.
    3. Drnevich, Dawn & Stuebs, Marty, 2013. "Cultural differences and judgment in financial reporting standards," Journal of Accounting Education, Elsevier, vol. 31(4), pages 461-482.
    4. Janse van Rensburg, Cecile & Coetzee, Stephen A. & Schmulian, Astrid, 2014. "South African financial reporting students' reading comprehension of the IASB Conceptual Framework," Journal of Accounting Education, Elsevier, vol. 32(4), pages 1-15.
    5. Dong, Nanyan & Bai, Meng & Zhang, He & Zhang, Junrui, 2019. "Approaches to learning IFRS by Chinese accounting students," Journal of Accounting Education, Elsevier, vol. 48(C), pages 1-11.
    6. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M. & Watson, Stephanie F., 2013. "Accounting education literature review (2010–2012)," Journal of Accounting Education, Elsevier, vol. 31(2), pages 107-161.

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