Title: Accounting Standard Setting.. A New Beginning Evolution, Not Revolution 1
Abstract:The setting and enforcing of accounting standards throughout the world are becoming increasingly difficult tasks. The problems have become particularly acute in the United States where the responsibil...The setting and enforcing of accounting standards throughout the world are becoming increasingly difficult tasks. The problems have become particularly acute in the United States where the responsibility for accounting standard setting was taken out of the hands of the American Institute of Certified Public Accountants in 1973 and handed over to the newly-established Financial Accounting Standards Board. In examining the objectives and the conceptual foundations of accounting it has to be recognized that accounting is not an end in itself. On the contrary, accounting, accounting standards and financial reporting are utilitarian in that they provide the means by which people's needs for information to make economic and other decisions can be met. In examining the nature of accounting, one also needs to ask what are the underlying concepts on which financial reporting and accounting standards rest. The process of accounting standardization is generally regarded as necessary to narrow the areas of difference in financial reporting.Read More
Publication Year: 2020
Publication Date: 2020-08-27
Language: en
Type: book-chapter
Indexed In: ['crossref']
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