New Developments in the Framework for Financial Reporting: The Role of National Standard Setters and the Canadian Contribution to Research on Measurement on Initial Recognition and a Framework for Disclosure of Financial Information

摘要

Most of the attention regarding the development of a single set of global financial reporting standards is focused on the two major participants in that work: the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB). Because of the significance of the US capital markets, it is clearly important that the FASB work closely with the IASB in developing such a set of standards. However, significant roles continue to be played by other accounting standard setters. This paper discusses the significant roles that other accounting standard setters play in global accounting standard setting and looks, in particular, at the contribution of one of those standard setters, the Canadian Accounting Standards Board (AcSB), to two critical international research projects: (ⅰ) a conceptual study of measurement bases in financial accounting; and (ⅱ) a framework for disclosure of financial information in financial statements.