Standard Setting Issues and the International Accounting Standards

Ronald Ma

Chapter 5 in Financial Reporting in the Pacific Asia Region, 1997, pp 93-155 from World Scientific Publishing Co. Pte. Ltd.

Abstract: AbstractThe following sections are included:IntroductionAre Accounting Standards Desirable?Are Accounting Standards Necessary?Economic Consequences versus NeutralityEconomic ConsequencesNeutralityInstitutional Arrangements for Standard SettingPrivate versus Public SectorUnited StatesUnited KingdomDifferences and Similarities Between the US and the UKInternational Accounting Standards Committee (IASC)The IASC Conceptual FrameworkThe Objective of Financial StatementsUnderlying AssumptionsQualitative Characteristics of Financial StatementsElements of Financial StatementsRecognition of the Elements of Financial StatementsMeasurement of the Elements of Financial StatementsConcepts of Capital and Capital MaintenanceA Critique of the Conceptual FrameworkThe Conceptual Framework and Standard SettingInternational Accounting StandardsReferences

Date: 1997
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