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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.