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International Accounting
 

In support of users of financial statements

Vol. 20, Iss. 4, FEBRUARY 2017

PDF  Article PDF Version

Received: 20 September 2016

Received in revised form: 9 November 2016

Accepted: 30 November 2016

Available online: 1 March 2017

Subject Heading: THEORY OF ACCOUNTING

JEL Classification: М40, М41

Pages: 226-242

https://doi.org/10.24891/ia.20.4.226

Tsygankov K.Yu. Siberian Academy of Finance and Banking, Novosibirsk, Russian Federation
kim492005@yandex.ru

Subject The article considers the condition of the modern accounting theory, which prevents its comprehension even by the most skilled users, and its reasonable enhancement by professionals.
Objectives The aim of the study is to show that the main direction in accounting enhancement is building an economically substantial theory, rather than complementing it by non-financial data.
Methods I demonstrate problems in the accounting theory by giving the examples of failures of motivated and highly skilled users to learn the gist of accounting. The paper rests on critical analysis of conceptual framework of financial statements used in modern regulations.
Results I reveal specific shortcomings of the modern conceptual framework of accounting, show methods used by the accounting elite to disguise these shortcomings, and the conflict of the accounting elite with users of financial statements. The findings may be helpful for developing the accounting theory.
Conclusions The most urgent problems of the modern accounting thought are the inanition of the accounting theory and disguising this circumstance by the accounting elite. The criticism on the part of users of financial statements is well-founded: even the most informed and diligent of them are not able to understand financial statements and accounting theory as they are now. The accounting elite should recognize the unacceptability of the existing conceptual framework, refuse accusations against users of financial statements, start creating an economically substantial accounting theory and reasonable enhancement of its specific forms on this basis.

Keywords: user, financial statements, theory, accounting, conceptual framework

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