Sufrin Lecture Reflection (Accounting, Finance, SPSS Essay)

Sufrin Lecture Reflection
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Sufrin Lecture Reflection
In the 2018 lecture, Christine Botosan points out that even though the FASB conceptual framework had been worked on for over 45 years, it is still not complete. Throughout the video, the FASB board member explains why the framework is incomplete, the challenges they face as a result, and presents a way forward. I found the video not only insightful but also interesting because of her eloquence and grasp of financial reporting procedures.
I think one of the biggest challenges the FASB faces in trying to complete the framework is differences in perspectives among the board members. In the lecture, Botosan notes that one of the reasons the board members have failed to come up with measurement principles is the lack of common perspective. I think they face a challenge in agreeing on the information that would be useful to users of financial information. It is important to note that the board in its earlier years failed to complete the framework as they could not agree on whether cost or market value should the basis of financial statements. Therefore, with diverging perspectives within the board, finding a common way to complete the framework can be difficult. I am also in agreement with Botosan that the setting of a strong principle structure that is consistent with the objective of the framework is a major challenge. I think this has led to the deficiency in measurement and presentation concepts that characterizes the incompleteness of the framework. I was impressed th...