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MANAGING THE COST BENEFIT PRINCIPLE

1.________________________________________________________________The cost benefit principle says that accountants should not be required to report information that is more expensive to compute and report than the value of the benefits received by users. In other words, cost is an overriding factor in financial reporting. If the costs of delivering the information exceed the benefits, then rule-making bodies should not require it to be reported.

2._________________________________________________________________About 20 years ago, the FASB was considering a new rule that would require companies to account for other post-employment benefits. These were employee benefits like lifetime healthcare that employees would receive after they retire. The FASB wanted to require that such benefits be accounted for in a way similar to pensions, requiring companies to regularly expense the cost of such benefits as employees earn them, and book liabilities for unfunded benefits. The FASB members argued that these benefits were expensive, and could materially affect income and financial position. Companies responded that collecting this information was too expensive. They would need to hire and pay actuaries to estimate future cost of health benefits, and project such costs over the remaining expected lives of employees. After all, they argued, the costs of collecting this information would far exceed the benefits users would derive from analyzing it.In the end, the FASB required the rule, and companies discovered that their retirement healthcare plans and other post-employment benefits were much more expensive than they had thought. Many of the plans were subsequently curtailed or even canceled.

3.__________________________________________________________________t's almost impossible to measure the benefits that investors and other users derive from receiving a given set of information. Sure, better information helps investors make better decisions, and bad information misleads investors into making worse decisions. As they say, Garbage-in, garbage out. But how do you measure the financial benefit to investors from receiving more detailed or more accurate information? Academics have struggled with this question for many years, and haven't found a clear and conclusive answer.

4._____________________________________________________________________In general, when making managerial decisions, benefits should always exceed costs. For example, if you decide to make and sell a new product, should the revenues from the new product exceed the costs? If you decide to hire a new sales agent, shouldn't you expect the sales agent to bring in more revenue than the cost of their compensation.As you do business, always select alternatives where the benefits exceed the cost.The cost benefit principle, also known as the cost constraint, binds accounting standards to select accounting principles and requirements where the benefits from meeting the requirement exceed the costs of providing the required information.