THE 1957 STATEMENT OF ACCOUNTING AND REPORTING STANDARDS.
The article presents the 1957 statement of accounting and reporting standards. An attempt to describe, discuss, or explain the 1957 version of "Accounting and Reporting Standards for Corporate Financial Statements" in the relatively short period allotted to it on this program is almost surely doomed to failure. The 1948 statement, like the 1957 statement, represents a logical development in a continuing evolutionary progression. The second point that is mentioned is that people considered the efforts of the accounting associations and conclusions equally valid with those of previous committees. Those already familiar with the 1951 statement might answer this in a variety of ways. To some it is a disappointment; it does not go nearly as far as they would like. To others, it is a radical departure from the position taken on favorite subjects in past statements. Probably to no one is it the bright flash of revealed truth for which hope springs eternal. At one time or another, the 1948 statement has been criticized on the grounds that it did not give a direct answer to the permissibility of two important accounting practices, direct costing and the accrual of income tax adjustments. The 1957 statement takes a firm stand in opposition to direct costing because the omission of any element of cost in arriving at an inventory valuation is not acceptable.
- DOI
- 10.2308/tar-7060658
- Volume
- 32 (4)
- Pages
- 547-553
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref