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Papers by HELEN WANG

Research paper thumbnail of Financial Statements: A Comment on IASB’s Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting

This paper examines the question of whether the objective of financial reporting should be based ... more This paper examines the question of whether the objective of financial reporting should be based solely on 'decision-usefulness' or whether stewardship should be recognised as a separate objective. This question is not new, but has recently come to the fore through the publication by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) of their 'Preliminary Views' (PV) paper setting out a draft of the first chapters of their proposed improved conceptual framework. The PV paper proposes a decision-useful objective, and argues that information relevant to assessing stewardship will be encompassed in that objective. However, two IASB members have set out an 'Alternative View' which argues that stewardship and decision-usefulness are parallel objectives with different emphases that should therefore be defined as separate objectives. The present paper argues that, as suggested by the Alternative View, stewardship contributes an important dimension to financial reporting, which should Accounting

Research paper thumbnail of Financial Statements: A Comment on IASB’s Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting

This paper examines the question of whether the objective of financial reporting should be based ... more This paper examines the question of whether the objective of financial reporting should be based solely on 'decision-usefulness' or whether stewardship should be recognised as a separate objective. This question is not new, but has recently come to the fore through the publication by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) of their 'Preliminary Views' (PV) paper setting out a draft of the first chapters of their proposed improved conceptual framework. The PV paper proposes a decision-useful objective, and argues that information relevant to assessing stewardship will be encompassed in that objective. However, two IASB members have set out an 'Alternative View' which argues that stewardship and decision-usefulness are parallel objectives with different emphases that should therefore be defined as separate objectives. The present paper argues that, as suggested by the Alternative View, stewardship contributes an important dimension to financial reporting, which should Accounting

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