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Journal of accountancy, 1984-08, Vol.158 (2), p.132
Ort / Verlag
New York: American Institute of CPA's
Erscheinungsjahr
1984
Link zum Volltext
Quelle
BSC - Ebsco (Business Source Ultimate)
Beschreibungen/Notizen
The recent draft exposure on recognition and measurement may be the final step in the Financial Accounting Standards Board's project to establish a conceptual framework for financial accounting. Recognition deals with which items should be included in financial statements and when. Measurement deals with the question of how big the items are and involves selecting the attribute to be measured. The exposure draft focuses first on the limitations and purposes of financial statements. The draft then establishes 4 criteria for an item to be recognized in financial statements. The item must: 1. meet the definition of an element, such as assets, equity, and expenses, 2. be measurable, 3. be relevant, and 4. be reliable. Finally, the draft gives additional guidance on earnings and makes some observations on recognizing price changes. The draft makes no attempt to resolve the current value-historical cost debate.