SOME CONCEPTIONS AND MISCONCEPTIONS ON REALITY AND ASSUMPTIONS IN FINANCIAL ACCOUNTING

Stanley C. W. Salvary ()

Microeconomics from EconWPA

Abstract: This paper addresses two problematic issues arising from the importation of terms into financial accounting: (1) the nature of economic reality; and (2) the role of assumptions. These two issues have stirred a lot of controversy relating to financial accounting measurements and affect attestation reports. This paper attempts to provide conceptual clarity on these two issues.

Keywords: Economic reality; audit opinion; Savings and Loan Associations; aggregative analysis; planning data; simplifying assumptions; going concern; liquidating concern; realization. (search for similar items in EconPapers)
JEL-codes: D1 D2 D3 D4 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-acc and nep-hpe
Date: 2005-02-21
Note: Type of Document - wps; pages: 22
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpmi:0502006

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