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Financial Reporting From The Reference Theories’ Perspective

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  • Delia Mihaela IBANISTEANU (IONASZ)

    (Valahia University of Targoviste, Romania)

Abstract

International accounting standards are underpinned by a normative approach of accounting, in the sense that these are based on conceptual accounting framework assimilated by a theoretical framework. The conceptual framework’s development is based on a priori theory, initiated by Chambers, in his article published in 1955, where he defends the need for a theory of practical accounting an a detachment from descriptive theories of an inductive approach. Developing the accounting standards on such theories is the result of deductive logic, while national regulations are based on an inductive approach. Furthermore, the wording of the national regulations concerning consolidated or social accounts is not explicitly dedicated to the privileged users of financial and accounting information. The clear position of the IAS/IFRS conceptual framework, directed to investor, places the international accounting model to the basis of agency theory.

Suggested Citation

  • Delia Mihaela IBANISTEANU (IONASZ), 2021. "Financial Reporting From The Reference Theories’ Perspective," Contemporary Economy Journal, Constantin Brancoveanu University, vol. 6(3), pages 32-38.
    • Handle: RePEc:brc:brccej:v:6:y:2021:i:3:p:32-38
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    References listed on IDEAS

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    More about this item

    Keywords

    financial reporting; accounting model; International Accounting Standards; conceptual framework; agency theory; normative theory;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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