Title: The Elements of Financial Statements or of Financial Accounting——Research on the Preliminary Views on Financial Statements Presentation of IASB-FASB
Abstract:SFAC No.6 of FASB defines the elements of financial statements are the modules which build up the statement and the major objects classification of the financial statement.The key of this definition i...SFAC No.6 of FASB defines the elements of financial statements are the modules which build up the statement and the major objects classification of the financial statement.The key of this definition is to use the modules of the financial statement in each report to define the accounting recognition,measurement,record of the whole financial accounting system.This is obviously ruined the deduction relationship in the conceptual framework of the financial accounting.This logic defect is exposure by the Preliminary Views on Financial Statements Presentation of IASB-FASB obviously.In addition,the definition of FASB doesn't mention the element is the objective element of the transaction,and also doesn't mention the element is the transaction classification according to the requirement of the information user and the economic characteristic.Therefore,the essential characteristic of the element has been neglected.At present,FASB-IASB is making the united conceptual framework.It's suggesting that defining the financial accounting elements instead of the financial statement elements in this united conceptual framework,and defining the element is a process which can go through the recognition,measurement,record and report(or the whole process of the way financial accounting information come out),and implementing the basic classification of the transaction according to the economic characteristic and the requirement of the information user.Read More
Publication Year: 2011
Publication Date: 2011-01-01
Language: en
Type: article
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