Comparative Institutional Analysis of Recognition and Measurement in Accounting with Special Reference to Faithful Representation

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This study aims at reconsidering on a current nature and a possible future development of the international convergence of accounting standards led by the FASB and IASB, with special reference to the Boards' joint project to improve a common conceptual framework for financial reporting. The"faithful representation"presented as a keyword of the project fortifies the original idea of the asset and liability view of accounting that makes a basis of the current conceptual framework, and this may result in standard-setting with clearer orientation to fair value measurement than ever on a global dimension. The view of accounting, however, will have a limited influence on revenue recognition, which forms a basis of income determination in accounting. In sum, the study demonstrates that the current convergence accelerates an institutional change in the Japanese societal system as a whole.