On the Governmental Accounting Standards Board website, read the article, “org/cs/ContentServer?c=Document_C&cid=1176156747645&d=&pagename=GASB%2FDocument_C%2FDocumentPage” target=”_blank” rel=”noreferrer noopener”>What Is the Significance of GASB’s Conceptual Framework?” by Robert H. Attmore.
- Do you agree with the author’s thoughts on GASB’s Conceptual Framework? Why, or why not?
- Does this conceptual framework promote consistent and fair standards? Why, or why not?
Attmore, R. H. (2009, Winter). What is the significance of GASB’s conceptual framework? Journal of Government Financial Management, 8–10. https://www.gasp.org/jsp/GASB/Document_C/DocumentP…
Do the discussion first then response each posted below
I agree with the authors’ thoughts on GASB’s that is Government Accounting Standard Board’s conceptual Framework because they represent the foundation of the fundamental concepts on which accounting standards and financial reporting standards are created. This is a guidance to assist with the fairness and consistency for the financial reporting and recording transactions in books. This promotes consistency and fairness when reporting financial records. This also assist accountants and auditors to bring to light unaddressed matters to the government’s attention that has not been seen and help issue new or update standards that will provide more consistency and uniformity.
Attmore, R. H. (2010, Winter). What is the significance of GASB’s conceptual framework? Journal of Government Financial Management, 8–10.
In Robert Attmore’s article about the GASB’s conceptual framework, he lays out the argument that conceptual frameworks (and statements) are given less esteem and attention than governmental accounting standards (Attmore, 2009). I think Attmore’s thoughts in favor of the GASB’s (and other) conceptual framework are valid. The GASB conceptual frame work has many benefits like saving time by allowing users to not have to start from scratch when setting standards (Attmore, 2009).
Attmore states that “consistent standards born of a solid conceptual framework” are more predictable (Attmore, 2009). I think that his logic here is sound and makes sense. A conceptual framework that is well composed will provide its users with a common foundation and basic reasoning format. Users of the GASB conceptual framework can use it to determine how to consistently recognize a particular transaction.
Attmore, R. H. (2009, Winter). What is the significance of GASB’s conceptual framework? Journal of Government Financial Management, 8–10. https://www.gasp.org/jsp/GASB/Document_C/DocumentPage&cid=1176156747645
Do you agree with the author’s thoughts on GASB’s Conceptual Framework? Why, or why not?
I do agree with the author’s views on GASBs conceptual framework. I really like his statement about how “the concepts provide the board’s regularly changing membership with a
common foundation and basic reasoning against which to consider the merits of alternative accounting and reporting approaches.” This statement was not one that I had initially thought about but immediately agreed with. The author goes on to establish some benefits as well as some challenges with the framework. I think that all of the points he touches on, such as the benefit of not having to start from scratch with a problem and the benefit of predictability in a framework, are true. I also agree that concentrating so heavily on these broad frameworks might take the board’s time away from more pressing projects.
Does this conceptual framework promote consistent and fair standards? Why, or why not?
I do believe that the conceptual framework promotes consistent and fair standards. As I stated before, there are many benefits to this framework. with the ability to look at these resources, professionals can save time and money investigating an issue. “Predictable standards ask governments to account for and report similar transactions and events in similar ways.” This means that all transactions and events can be looked at on an even and fair playing field, allowing for them to be judged by similar standards.
Overall, I think that this article explains some great benefits as well as challenges with the conceptual framework.
Attmore, R.H. (2019). What Is the Significance of GASB’s Conceptual Framework? Journal of Government Financial Management. Gasb.org. https://www.gasb.org/cs/ContentServer?