Sufrin Lecture: FASB's Conceptual Framework Reflection Paper

Instructor
Name
Course
Date
SURFIN’S REFLECTION PAPER
FASB's conceptual framework assists Board Members in setting effective financial accountant standards. This framework also boosts the consistency of the Board members understand and apply these standards. Christine Botosan, a Board Member at FASB, presented a lecture in FASB's conceptual framework. Christine states the fact that the framework is still incomplete. She also described some of the challenges of completing a conceptual framework and having an incomplete framework. This paper will discuss some of the greatest challenges in completing the framework and how I would complete the framework.
1 Lack of common viewpoints and valid objectives from the Board Members
Poor decision making and lack of valid objectives are some of the most significant challenges that have affected the completion of the FASB’s conceptual framework. The members of the Board also lack common viewpoints, and this had it more difficult to have the framework completed. Christine admits that the meetings have been very rough because members lack common standpoints. Additionally, the Board members lacked valid objectives for developing the framework. The assumption that the purpose of financial reports is reporting the measure of resources, income and claims of resources failed. The framework was not capable of making financial decisions but giving measurements only. Although the framework was adopted in 1978, the framework's objective was not consistent with the economic practices happening everywhere. Unclear perspectives made it difficult for the board members to achieve essential milestones in completing the framework.
2 Lack of Basic Principles and Element Definition
The board Members lack basic principles that can assist then deal with questions of...