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The focus of attention in financial reporting

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  • Paul Rosenfield

Abstract

This article discusses a concept of the focus of attention and its implications for financial reporting, a concept that has essentially been ignored in the financial reporting literature. Ignoring it has made dealing with the conflict between the proprietary and the entity theories of the firm the most intractable problem in financial reporting. Exploring the concept of the focus of attention permits abandonment of the conflict rather than continuation of the attempt to solve it. It permits avoiding the errors committed by those involved in the conflict: dealing with the wrong level of abstraction and incorporating contradictions, fictions, and false assumptions. Applying the concept of the focus of attention helps solve a number of issues not solvable by consideration of the theories of the firm.

Suggested Citation

  • Paul Rosenfield, 2005. "The focus of attention in financial reporting," Abacus, Accounting Foundation, University of Sydney, vol. 41(1), pages 1-20, February.
    • Handle: RePEc:bla:abacus:v:41:y:2005:i:1:p:1-20
    DOI: 10.1111/j.1467-6281.2005.00166.x
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    Cited by:

    1. Müller, Julian, 2014. "An accounting revolution? The financialisation of standard setting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(7), pages 539-557.
    2. Michael Bromwich & Richard Macve & Shyam Sunder, 2010. "Hicksian Income in the Conceptual Framework," Abacus, Accounting Foundation, University of Sydney, vol. 46(3), pages 348-376, September.
    3. M. Lambert & G. Hübner & P.-A. Michel & H. Olivier, 2006. "International Financial Reporting Standards and Market Efficiency: A European Perspective," LSF Research Working Paper Series 06-04, Luxembourg School of Finance, University of Luxembourg.
    4. Raar, Jean, 2008. "A basic user utility preference to reduce uncertainty: A dissent to reporting and asset measurement," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(5), pages 785-804.

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