THE ALL-INCLUSIVE STANDARD.
The periodic determination of net income and the clear reporting of income events recognized during a period are generally granted to be fundamental objectives of corporation accounting. The consistent treatment of extraordinary income events has been termed one of the most controversial problems in this important area. Two outstanding questions concerning this problem are, first, what extraordinary income charges and credits; may or should be excluded from the determination of net income and, second, what use, if any should be made of a financial statement other than the income statement to report income items excluded from net income. For a number of years the disagreement concerning the all-inclusive standard and alternative concepts has been marked, and any further progress toward resolving the differences would undoubtedly be welcomed by accountants. The all-inclusive standard, as concerns the measurement and disclosure of income results, is a concept of comparatively long standing in accounting thought.
- DOI
- 10.2308/tar-7124199
- Volume
- 27 (1)
- Pages
- 3-14
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref