Implications for GAAP from an analysis of positive research in accounting

• 成果类型: Article
• 署名作者: Kothari, S. P.; Ramanna, Karthik; Skinner, Douglas J.
• 署名单位: Massachusetts Institute of Technology (MIT); Harvard University; University of Chicago
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2010.09.003
• 发表日期: 2010
• 关键词: value-relevance literature; capital-markets; stock-market; asymmetric timeliness; INVESTOR PSYCHOLOGY; earnings management; EMPIRICAL-RESEARCH; FULLY REFLECT; ceo turnover; Cash flows

摘要

Based on extant literature, we review the positive theory of GAAP. The theory predicts that GAAP's principal focus is on control (performance measurement and stewardship) and that verifiability and conservatism are critical features of a GAAP shaped by market forces. We recognize the advantage of using fair values in circumstances where these are based on observable prices in liquid secondary markets, but caution against expanding fair values to financial reporting more generally. We conclude that rather than converging U.S. GAAP with IFRS, competition between the FASB and the IASB would allow GAAP to better respond to market forces. (C) 2010 Elsevier B.V. All rights reserved.