Knowledge Management for the Converged IASB and FASB Standards

Abstract

This paper conducts a cost/benefit analysis by applying a knowledge management system that incorporates accounting’s conceptual framework, codification initiative and financial statement presentation proposal into a complete ontology. The need for a systematic organization is heightened in the convergence of Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) standards which increases the costs (e.g., from complexity and volume) to the accounting body of knowledge. A knowledge management framework can help accounting professionals/academics address accounting issues in such a manner where the benefits exceed the costs in an organized system.

Keywords: generally accepted accounting principles, knowledge management, ontology, XBRL