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Corporate Governance

: The Harvard Law School Corporate Governance Blog

Hicksian Income in the Conceptual Framework

By Harvard Law School Program on Corporate Governance

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Editor?s Note: Shyam Sunder is the James L. Frank Professor of Accounting, Economics, and Finance at Yale University.

In the paper, Hicksian Income in the Conceptual Framework, which is forthcoming in Abacus, my co-authors (Michael Bromwich and Richard Macve both at the London School of Economics) and I provide an analytical and critical case study of the use of income theory in accounting policy making.

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are undertaking a joint project to converge and improve their respective conceptual frameworks for financial accounting and reporting. The overall approach was outlined in an important paper Revisiting the Concepts in May 2005 (FASB/IASB, 2005) which emphasized that ?to be principles-based, standards cannot be a collection of conventions but rather must be rooted in fundamental concepts?. At the time of issue this was presented as an authoritative manifesto of how the two Boards intended jointly to undertake this convergence and improvement, based on and building on their existing frameworks, even though there had not been any prior exposure to allow public comment as to whether some more radical approach would be appropriate.

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Full post as published by The Harvard Law School Corporate Governance Blog on June 22, 2010 (boomark / email).