It's all right for real people to have theories too

Article Abstract:

Ernst & Young's labeling of the Accounting Standards Board's (ASB) preference for current value accounting and a balance-sheet focus as 'academic theories,' 'academic dogma,' an 'academic diversion' and the 'rhetoric of theorists' is offensive to both academics and theorists. It implies that academic theorists have only considered one side of the issue and that non-academic theorists are inferior to their counterparts in the academe. US accounting history demonstrates that both academic and non-academic theorists have contributed significantly to both sides of the current value-historical cost debate. For instance, academics W.A. Paton and A.C. Littleton had argued quite persuasively for historical cost accounting in the 1940s, while businessman Kenneth MacNeal's 1939 accounting treatise argued convincingly for current value accounting. This proves that theories can be developed not by academics alone but also by 'real people.'

Theory (Philosophy), Current value accounting

---

The changing shape of materiality

Article Abstract:

Developments in corporate governance, newly introduced accounting standards and recent comments from the UK's Financial Reporting Review Panel have further muddled the issue of when items included in the annual report is material. Materiality, or whether an omission or error is significant enough to necessitate an adjustment, has always been a difficult issue. Part of this difficulty stems from the fact that there is no generally accepted definition of an annual report's 'standard user.' Some users dissect and analyze virtually every bit of information contained in a report while others just give them a passing glance. The US SEC offers a simple rule of thumb for determining what item is material: 10% error needs adjustment, 5% does not need adjustment, and those in between is a matter of judgment. Unfortunately, this simplified approach still raises a number of questions that are difficult to answer.

Financial statements, Corporation reports, Company reports

---

The right path for deferred tax

Article Abstract:

UK deferred taxes need to be harmonized with the international standard set for other taxes by the Accounting Standards Board. UK accountants will have to recommend a choice by the end of Nov, 1999.

Standards, United Kingdom, Management, Taxation, United Kingdom. Accounting Standards Committee, Deferred tax (Accounting)

Similar abstracts:

• Abstracts: Playing footsie with Tessa. The trusting approach to tax. Rich rewards for preference pickers
• Abstracts: Offering a difference to investors. The foundation for Islamic banking. Foreign banks make inroads in difficult markets
• Abstracts: Even the best ads can't cover for the rat. How to decide if you need a new campaign or a brand overhaul. Preparing your print plan
• Abstracts: Tuning up the orchestra. The politics of the true and fair view. Members Handbook Statement 1.220: Guidance on Ethical Matters for Members in Business
• Abstracts: Cash prizes and mail survey response rates: a threshold analysis. Replication in strategic management: scientific testing for validity, generalizability, and usefulness

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.