Accountants Without Standards?: Compulsion Or Evolution in Company Accounting
Statements of standard accounting practice (SSAPs) should be limited to disclosure requirements for listed companies and should not attempt to prescribe rules on measurement. There is little evidence that the growth of standards has produced any measurable benefits to the public.
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FOREWORD Colin Robinson
ARGUMENTS FOR AND AGAINST STANDARDS
THE PURPOSE OF COMPANY ACCOUNTS
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2nd edn accounting practice accounting principles Accounting Standards Board Accounting Standards Committee Accounting Theory amount audit balance sheet Business capitalisation cash flow statements cash flows Companies Act 1985 Companies Act requires company accounts Company Law company's compulsory standards Constant Purchasing Power Creative Accounting Current Cost Accounting deferred tax directors disclosure requirements ECONOMIC AFFAIRS example exposure drafts fair view FASB Conceptual Financial Accounting Financial Reporting Council Financial Reporting Standards financial statements fixed assets give a true historical cost IASC ICAEW inconsistent with SSAP inflation accounting INSTITUTE OF ECONOMIC Instructions issue judgement liabilities listed companies London measurement method partial provision Prentice-Hall preparers and auditors price or production production cost profit and loss prudent basis purchased goodwill realisable value remaining service lives Retail Prices Index rules shareholders SSAP 15 standard-setters Suggestions true and fair UK Accounting Standards UK companies UK GAAP