We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
Unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism – A response to Karthik Ramanna.
- Authors
Haslam, Colin
- Abstract
Karthik Ramanna's article titled "unreliable accounts: How regulators fabricate conceptual narratives to diffuse criticism" provides a critical insight into how Fair Value Accounting (FVA) was incorporated into the conceptual framework for general purpose financial reporting. Karthik reveals that the installation of FVA into the FASBs constitution can be understood through a framework: conceptual veiling. In this framework, the FASB is captured within the logics of financial market economics, assuming investors and capital market actors are best served by financial disclosures that reflect market valuations. Captured by these interests, the FASB needed to modify the narratives contained in the conceptual framework removing reliability and substituting faithful representation because much of what constitutes FVA disclosures are estimates and judgements of questionable reliability. A more forceful critical evaluation of the re-orientation of accounting practise from Historical Cost Accounting to FVA might have located changes in the context of the financialized company.
- Subjects
FINANCIAL Accounting Standards Board; FAIR value accounting; COST accounting; FINANCIAL statements; FINANCIAL economics; FINANCIAL disclosure
- Publication
Accounting, Economics & Law, 2022, Vol 12, Issue 2, p233
- ISSN
2194-6051
- Publication type
Article
- DOI
10.1515/ael-2020-0088