By D. R. Carmichael
The 2004 complement comprises the subsequent new chapters:
- Introduction to inner regulate evaluation and Reporting
- Financial specialist Witness demanding situations and Exclusions
- Introduction to E-Discovery
Read Online or Download Accountants' Handbook : 2004 Supplement PDF
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Extra resources for Accountants' Handbook : 2004 Supplement
There are those who seem to believe that very little progress has been made towards the development of accounting principles and the narrowing of areas of differences in the principles followed in practice. 54 A number of the practices for whose acceptance Sanders, Hatﬁeld, and Moore’s A Statement of Accounting Principles had been lambasted55 had disappeared by about 1950. It is uncertain, however, how much of that improvement was due to the ARBs and how much to other factors, such as the good professional judgment of corporate ofﬁcials or auditors or the SEC’s rejection of some egregious procedures.
Statements of Accounting Principles by Others. Although the Institute attempted no formulation of a statement of broad accounting principles, two other organizations did. Both statements were written by professors, and each was an early representative of one of the two schools of thought about the nature and derivation of accounting principles. AAA’S THEORETICAL BASIS FOR ACCOUNTING RULES AND PROCEDURES. ” 25 The phrase “Accounting Principles Underlying Corporate Financial Statements” emphasized that improvement in accounting practice could best be achieved by strengthening the theoretical framework that supported practice.
372. 28 D. L. , 1937), pp. 5–7. 29 A. C. Littleton, “Tests for Principles,” The Accounting Review, March 1938, pp. 16–24. 30 Trouant, Financial Audits, p. 5. 1 14 • THE FRAMEWORK OF FINANCIAL ACCOUNTING CONCEPTS AND STANDARDS not only was more fundamental than most principles of the time but also was distinctive in referring to the world in which accounting takes place rather than to the accounting process. Principles from Resolving Speciﬁc Problems. ”31 In any event, the Committee on Accounting Procedure decided that to formulate a statement of broad accounting principles would take too long and elected instead to use a problem-byproblem approach in which the committee would recommend one or more alternative procedures as preferable to other alternatives for resolving a particular ﬁnancial accounting or reporting problem.