The Accounting Review Vol. 23 No. 4 1948
ACCOUNTING CONCEPTS AND STANDARDS UNDERLYING CORPORATE FINANCIAL STATEMENTS.
Abstract
The basic objective of this article has been to stimulate the continued study and discussion of accounting standards and their periodic restatement, thereby assisting in the orderly development of accounting concepts and their wider acceptance both among accountants and among others in any way influenced by or interested in the findings of accountants. So many decisions are dependent on interpretations of corporate reports that uniform, objective, and well-defined standards have become a requisite for the use of the reports by the person. The assets or economic resources of an enterprise are its rights in property, both tangible and intangible. The most commonly useful financial statements report the origin and disposition of the assets of an enterprise in terms of costs established and recorded at the time the assets are acquired. The importance of costs as a record of the accountability of an enterprise for its resources makes it essential that their determination be based on available objective evidence.
- DOI
- 10.2308/tar-7054868
- Volume
- 23
- Issue
- 4
- Pages
- 339-344
- Language
- en
- Sources
- openalex crossref