Abstract
The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) are currently engaged in a joint project to develop an international conceptual framework for financial reporting. One part of this project is an attempt to address a financial reporting problem referred to by the boards as the unit of account issue. The boards propose to address the unit of account as a separate issue within their conceptual framework project.This paper describes the unit of account issue as a pervasive aggregation/disaggregation problem in financial reporting. It is argued that the unit of account problem is embedded within, and arises from, a number of other unresolved problems with the existing concepts in the boards’ current frameworks. Therefore, the unit of account is a set of problems rather than a single one that can be dealt with as a standalone issue.The paper identifies ten conceptual problems in the boards’ existing frameworks, and concludes with a discussion of the manner in which these problems contribute to the vexed nature of the unit of account issue.
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
