Conceptual frameworks of accounting from an information perspective

摘要

This paper analyses the bene fi ts of accounting regulation and a conceptual framework using an informationrneconomics approach that allows consideration of uncertainty, multiple agents, demand for information, and multiplerninformation sources. It also allows private information to enter the analysis. The analysis leads to a set of fundamentalrnproperties of accounting information. It is argued that the set of qualitative characteristics typically contained in conceptualrnframeworks does not adequately aggregate the information demands of users of accounting information. For example, thernIASB’s conceptual framework contains no guidelines for the trade-off between relevance and reliability. Furthermore,rnneutrality might not be part of an optimal regulation. The statistical bias introduced by the stewardship use of accountingrninformation is not necessarily undesirable and will always remain; stewardship is the characteristic of accounting informationrnthat provides incentives for management to act in the desired way. Accounting information is inherently late compared tornother information sources but in fluences and constrains the content of more timely sources. The accounting system does notrnexist in a vacuum. Other information sources are present and the purpose of the accounting system cannot be analysedrnwithout considering the existence of other information sources. Finally,financial statements are audited by an independentrnauditor. This implies that accounting data are hard to manipulate.