Abstract:Money can flow accurately everywhere because the words used in transactions ? from a deposit in a local bank to settling a debt in a far-off country ? have precise meanings. But accounting, the langua...Money can flow accurately everywhere because the words used in transactions ? from a deposit in a local bank to settling a debt in a far-off country ? have precise meanings. But accounting, the language of business, does not have an accepted vocabulary. This is sorely needed, both for business and non-business accounting. The new millennium is a good time to take stock. There is a tendency to assume that the American standards boards provide good guidance in developing the accounting language. We have four sets of standards. The Financial Accounting Standards Board (FASB) establishes accounting standards for businesses, as well as for nonprofit organisations. The Governmental Accounting Standards Board (GASB) establishes standards for state and local governments. The Federal Accounting Standards Advisory Board (FASAB) establishes standards for the federal government. Unfortunately, each of these standards has serious defects.Read More
Publication Year: 2000
Publication Date: 2000-03-10
Language: en
Type: article
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