ACCOUNTING FOR LAND, BUILDINGS, AND EQUIPMENT.
This article is presented as supplement and partial amendment to Accounting and Reporting Standards for Corporate Financial Statements-1957 Revision. The Committee has limited its consideration to accounting for land, buildings, and equipment; it has not given specific attention to other long-lived assets. However, recommendations regarding long-lived assets must be based on premises which are applicable to financial accounting as a whole. If the underlying premises are sound, the recommendations should be applicable to other related areas as well. The Committee concurs with the point of view expressed in the 1957 Revision that "the use by investors of published financial statements in making investment decisions and in exercising control over management should be considered of primary importance." Specific consideration has not been given to information requirements of other groups, such as various government agencies. Specifically, the purpose of financial Statement is to assist the investor in making his own qualitative judgments about a firm.
- DOI
- 10.2308/tar-7134831
- Volume
- 39 (3)
- Pages
- 693-699
- Language
- en
- Export
- BibTeX
- Sources
- openalex crossref