UK Gaap pp 29-97 | Cite as

The quest for a conceptual framework for financial reporting

  • Mike Davies
  • Ron Paterson
  • Allister Wilson
Chapter

Abstract

In general terms, a conceptual framework is a statement of generally accepted theoretical principles which form the frame of reference for a particular field of enquiry. In terms of financial reporting, these theoretical principles provide the basis for both the development of new reporting practices and the evaluation of existing ones. Since the financial reporting process is concerned with the provision of information that is useful in making business and economic decisions, a conceptual framework will form the theoretical basis for determining which events should be accounted for, how they should be measured and how they should be communicated to the user. Therefore, although it is theoretical in nature, a conceptual framework for financial reporting has a highly practical end in view.

Keywords

Cash Flow Balance Sheet Replacement Cost Financial Account Standard Board Historical Cost 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in to check access.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. 1.
    For a full discussion on the politicisation of accounting see: David Solomons, ‘The Politicization of Accounting’, Journal of Accountancy, November 1978, p. 71.Google Scholar
  2. 2.
    W. A. Paton and A. C. Littleton, An Introduction to Corporate Accounting Standards, Monograph No. 3, American Accounting Association, 1940.Google Scholar
  3. 3.
    See, for example: American Accounting Association, Executive Committee, ‘A Tentative Statement of Accounting Principles Affecting Corporate Reports’, Accounting Review, June 1936, pp. 187–191; American Accounting Association, Executive Committee, ‘Accounting Principles Underlying Corporate Financial Statements’, Accounting Review, June 1941, pp. 133–139; American Accounting Association, Committee to Prepare a Statement of Basic Accounting Theory, A Statement of Basic Accounting Theory, 1966; American Accounting Association, Committee on Concepts and Standards for External Financial Reports, Statement on Accounting Theory and Theory Acceptance, 1977. The 1977 report concluded that closure on the debate was not feasible, which is perhaps indicative of the complexity of the problem.Google Scholar
  4. 4.
    David Solomons, ‘The Political Implications of Accounting and Accounting Standard Setting’, Being the third Arthur Young Lecture delivered within the University of Glasgow on 22nd October, 1980, p. 9.Google Scholar
  5. 5.
    ASC, Setting Accounting Standards: A Consultative document.Google Scholar
  6. 6.
    Ibid., para. 7.2.Google Scholar
  7. 7.
  8. 8.
    Ibid., para. 7.7.Google Scholar
  9. 9.
    Ibid., p. 47.Google Scholar
  10. 10.
  11. 11.
    ASC, Submissions on the Accounting Standards Committee’s Consultative Document: Setting Accounting Standards, in two volumes, ASC, 1979.Google Scholar
  12. 12.
    Ibid., Volume I, p. 270.Google Scholar
  13. 13.
    Maurice Moonitz, The Basic Postulates of Accounting, Accounting Research Study No. 1, AICPA, 1961, Preface.Google Scholar
  14. 14.
    Maurice Moonitz, op. cit.Google Scholar
  15. 15.
    Robert T. Sprouse and Maurice Moonitz, A Tentative Set of Broad Accounting Principles for Business Enterprises, Accounting Research Study No. 3, AICPA, 1962.Google Scholar
  16. 16.
    Ibid., p. 14.Google Scholar
  17. 17.
    Ibid., p. 27.Google Scholar
  18. 18.
    APB Statement No. 4, Basic Concepts and Accounting Principles Underlying Financial Statements of Business Enterprises, AICPA, October 1970.Google Scholar
  19. 19.
    Ibid., para. 3.Google Scholar
  20. 20.
    Ibid., para. 132.Google Scholar
  21. 21.
    Report of the Study Group on the Objectives of Financial Statements, Objectives of Financial Statements, AICPA, October 1973, p. 65.Google Scholar
  22. 22.
  23. 23.
  24. 24.
    Report of the Study Group on the Objectives of Financial Statements, Objectives of Financial Statements, AICPA, October 1973.Google Scholar
  25. 25.
    Ibid., p. 13.Google Scholar
  26. 26.
    Ibid., pp. 57–60.Google Scholar
  27. 27.
    FASB Discussion Memorandum, Conceptual Framework for Accounting and Reporting: Consideration of the Report of the Study Group on the Objectives of Financial Statements, FASB, June 6, 1974.Google Scholar
  28. 28.
    FASB, Scope and Implications of the Conceptual Framework Project, FASB, December 2, 1976.Google Scholar
  29. 29.
    Ibid., p. 5.Google Scholar
  30. 30.
    Ibid., p. 2.Google Scholar
  31. 31.
    Ibid., pp. 5 and 6.Google Scholar
  32. 32.
    SFAC No. 1, Objectives of Financial Reporting by Business Enterprises, para. 7.Google Scholar
  33. 33.
    Ibid., para. 9.Google Scholar
  34. 34.
    Ibid., para. 24.Google Scholar
  35. 35.
    Ibid., para. 34.Google Scholar
  36. 36.
    Ibid., para. 37.Google Scholar
  37. 37.
    Ibid., p. 18, footnote 6.Google Scholar
  38. 38.
    Lucia S. Chang and Kenneth S. Most, Financial Statements and Investment Decisions, Miami: Florida International University, 1979.Google Scholar
  39. 39.
    Ibid., p. 33.Google Scholar
  40. 40.
    SFAC 1, para. 43.Google Scholar
  41. 41.
    Ibid., para. 50.Google Scholar
  42. 42.
    Ibid., para. 51.Google Scholar
  43. 43.
    SFAC No. 2, Qualitative Characteristics of Accounting Information, p. 15.Google Scholar
  44. 44.
    Ibid., para 36.Google Scholar
  45. 45.
    Ibid., p. x.Google Scholar
  46. 46.
    Ibid., para. 90.Google Scholar
  47. 47.
    Ibid., p. xi.Google Scholar
  48. 48.
    Ibid., para. 56.Google Scholar
  49. 49.
  50. 50.
    Ibid., para. 51.Google Scholar
  51. 51.
    Ibid., p. xvi.Google Scholar
  52. 52.
  53. 53.
    Ibid., para. 59.Google Scholar
  54. 54.
    Ibid., paras. 91–97.Google Scholar
  55. 55.
    Ibid., para. 93.Google Scholar
  56. 56.
    Ibid., para. 95.Google Scholar
  57. 57.
    SFAC No. 6, Elements of Financial Statements, para. 25.Google Scholar
  58. 58.
    Ibid., para. 27.Google Scholar
  59. 59.
    Ibid., para. 28.Google Scholar
  60. 60.
    Ibid., para. 35Google Scholar
  61. 61.
    Ibid., para. 36.Google Scholar
  62. 62.
    Ibid., para. 49.Google Scholar
  63. 63.
    Ibid., para. 66.Google Scholar
  64. 64.
  65. 65.
    Ibid., para. 67.Google Scholar
  66. 66.
    Ibid., para. 70.Google Scholar
  67. 67.
    SFAC No. 1, para. 43.Google Scholar
  68. 68.
    SFAC No. 6, p. 1, footnote 1.Google Scholar
  69. 69.
    Ibid., para. 78.Google Scholar
  70. 70.
    Ibid., para. 80.Google Scholar
  71. 71.
    Ibid., para. 82.Google Scholar
  72. 72.
    Ibid., para. 83.Google Scholar
  73. 73.
    Ibid., para. 77.Google Scholar
  74. 74.
    See, for example, SFAC No. 3, Elements of Financial Statements of Business Enterprises, para. 58.Google Scholar
  75. 75.
    SFAC No. 5, para. 66.Google Scholar
  76. 76.
    Ibid., paras. 66–70.Google Scholar
  77. 77.
    Ibid., paras. 45–48.Google Scholar
  78. 78.
    Ibid., para. 58.Google Scholar
  79. 79.
    Ibid., para. 63.Google Scholar
  80. 80.
    Ibid., para. 35.Google Scholar
  81. 81.
    David Solomons, ‘The FASB’s Conceptual Framework: An Evaluation’, Journal of Accountancy, June 1986, pp. 114–124, at p. 124.Google Scholar
  82. 82.
    SFAC No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, December 1984, para. 13.Google Scholar
  83. 83.
    SSAP 2, Disclosure of accounting policies, November 1971.Google Scholar
  84. 84.
    Ibid., para. 2.Google Scholar
  85. 85.
    Ibid., para. 14.Google Scholar
  86. 86.
  87. 87.
    CA 85, Sch. 4. paras. 9–13.Google Scholar
  88. 88.
    Ibid., para. 14.Google Scholar
  89. 89.
    SSAP 2, para. 15.Google Scholar
  90. 90.
    Ibid., para. 16.Google Scholar
  91. 91.
    Ibid., para. 18.Google Scholar
  92. 92.
    SSAP 12, Accounting for depreciation, para. 21.Google Scholar
  93. 93.
    The Corporate Report, A discussion paper published for comment by the Accounting Standards Steering Committee, London, 1975.Google Scholar
  94. 94.
    Ibid., para. 0.1.Google Scholar
  95. 95.
    Ibid., para. 0.2.Google Scholar
  96. 96.
    The committee’s recommended package of information which should be contained in the annual corporate reports of business enterprises is listed in Appendix 2 of the discussion paper.Google Scholar
  97. 97.
    The Corporate Report, para. 0.3.Google Scholar
  98. 98.
    Ibid., para. 1.1.Google Scholar
  99. 99.
    Ibid., para. 1.8.Google Scholar
  100. 100.
    Ibid., para. 1.9. The seven user groups identified were: (a) the equity investor group, (b) the loan creditor group, (c) the employee group, (d) the analyst-adviser group, (e) the business contact group (f) the government and (g) the public.Google Scholar
  101. 101.
    Ibid., paras. 2.1–2.40.Google Scholar
  102. 102.
    Ibid., para. 3.3.Google Scholar
  103. 103.
    Ibid., para. 4.30.Google Scholar
  104. 104.
    Ibid., para. 4.40.Google Scholar
  105. 105.
    Ibid., para. 6.56.Google Scholar
  106. 106.
    Ibid., paras. 6.56 and 6.57.Google Scholar
  107. 107.
    Ibid., para. 7.4.Google Scholar
  108. 108.
    Ibid., para. 7.15.Google Scholar
  109. 109.
    Ibid., paras. 7.40 and 7.43.Google Scholar
  110. 110.
    Report of the Inflation Accounting Committee, Inflation Accounting, Cmnd. 6225, London: HMSO 1975. (The Sandilands Report.)Google Scholar
  111. 111.
    Ibid., p. iv.Google Scholar
  112. 112.
    Ibid., para. 144.Google Scholar
  113. 113.
    Ibid., Chapter 12.Google Scholar
  114. 114.
    SSAP 7 (Provisional), Accounting for changes in the purchasing power of money, May 1974.Google Scholar
  115. 115.
    SSAP 7 recommended that the RPI should be used for this purpose.Google Scholar
  116. 116.
    SSAP 7, para. 12.Google Scholar
  117. 117.
    The Sandilands Report, para. 20.Google Scholar
  118. 118.
    Ibid., para. 422.Google Scholar
  119. 119.
    Ibid., paras. 411 and 412.Google Scholar
  120. 120.
    Ibid., para. 415.Google Scholar
  121. 121.
    Edwards and Bell have made significant contributions in the areas of income determination and value measurement — however, it is beyond the scope of this book to provide a detailed analysis of their theories. Their case for income and value measurement based on replacement costs may be found in their classic work: E. O. Edwards and P.W. Bell, The Theory and Measurement of Business Income, University of California Press, 1961.Google Scholar
  122. 122.
    The Sandilands Report, para. 453.Google Scholar
  123. 123.
    Ibid., para. 499.Google Scholar
  124. 124.
    Kenneth MacNeal, Truth in Accounting, Philadelphia: University of Pennsylvania Press, 1939.CrossRefGoogle Scholar
  125. 125.
    R. J. Chambers, Accounting, Evaluation and Economic Behaviour, Prentice-Hall, 1966.Google Scholar
  126. 126.
    R. R. Sterling, Theory of the Measurement of Enterprise Income, University of Kansas Press, 1970.Google Scholar
  127. 127.
    R. J. Chambers, The Design of Accounting Standards, University of Sydney Accounting Research Centre, Monograph No. 1, 1980.Google Scholar
  128. 128.
    Edward Stamp, ‘Does the Chambers’ Evidence Support the CoCoA System’, Accounting and Business Research, Spring 1983, pp. 119–127.Google Scholar
  129. 129.
    Ibid., p. 127.Google Scholar
  130. 130.
    The Sandilands Report, para. 510.Google Scholar
  131. 131.
    The Institute of Chartered Accountants of Scotland, Making Corporate Reports Valuable, London: Kogan Page, 1988, paras. 6.20–6.23.Google Scholar
  132. 132.
    Lee has published numerous papers on the subject of cash flow accounting, the ideas of which have been drawn together in his book: Tom Lee, Cash Flow Accounting, Wokingham, Van Nostrand Reinhold (UK), 1984.Google Scholar
  133. 133.
    Lawson has published widely on the subject of cash flow accounting–see, for example: G. H. Lawson, ‘Cash-flow Accounting’, The Accountant, October 28th, 1971, pp. 586–589; G. H. Lawson, ‘The Measurement of Corporate Profitability on a Cash-flow Basis’, The International Journal of Accounting Education and Research, Vol. 16, No. 1, pp. 11–46.Google Scholar
  134. 134.
    Tom Lee, op. cit., p. 51.Google Scholar
  135. 135.
    Ibid., pp. 51–52.Google Scholar
  136. 136.
    Lee presents a quantified example of his proposed cash flow reporting system, op. cit., pp. 57–72.Google Scholar
  137. 137.
    The Sandilands Report, para. 518.Google Scholar
  138. 138.
    Ibid., para. 517.Google Scholar
  139. 139.
    Ibid., para. 537.Google Scholar
  140. 140.
    For a detailed discussion of the capital maintenance concepts which apply in the Sandilands proposals, see: H. C. Edey, ‘Sandilands and the Logic of Current Cost’, Accounting and Business Research, Volume 9, No. 35, Summer 1979, pp. 191–200.CrossRefGoogle Scholar
  141. 141.
    ASC, ED 24: Current cost accounting, para. 6.Google Scholar
  142. 142.
    ASC, Inflation accounting — an interim recommendation by the Accounting Standards Committee, November 1977.Google Scholar
  143. 143.
    Ibid., para. 4.Google Scholar
  144. 144.
    ED 24, para. 8.Google Scholar
  145. 145.
  146. 146.
    Ibid., para. 9.Google Scholar
  147. 147.
    SSAP 16, Current cost accounting, March 1980.Google Scholar
  148. 148.
    Ibid., para. 48.Google Scholar
  149. 149.
    SFAS No. 33, Financial Reporting and Changing Prices, paras. 47–56 passim.Google Scholar
  150. 150.
    SFAS No. 89, Financial Reporting and Changing Prices, paras. 34, 35 and 40–43 passim.Google Scholar
  151. 151.
    SFAC No. 5, paras. 45–48.Google Scholar
  152. 152.
    In January 1983, the Research Board of the ICAEW initiated a research project into the usefulness of current cost accounting. The research was divided into a number of studies designed to investigate the uses made by different interest groups, the benefits and the costs of current cost accounting; the whole project was undertaken under the control of the ICAEW’s then Director of Research, Professor Bryan Carsberg. The project was completed in September 1983 and the results were made available to the ASC to assist with its review of SSAP 16. See: Bryan Carsberg and Michael Page (Joint Editors), Current Cost Accounting: The Benefits and the Costs, ICAEW, 1984.Google Scholar
  153. 153.
    Accounting Standards Committee, Accounting for the effects of changing prices: a Handbook, ASC, 1986.Google Scholar
  154. 154.
    It is still fairly widely used in the public sector, partly influenced by the Byatt Report — Accounting for Economic Costs and Changing Prices —, published in 1986.Google Scholar
  155. 155.
    British Gas is one example of a major company which presents its main accounts on a current cost basis.Google Scholar
  156. 156.
    Richard Macve, A Conceptual Framework for Financial Accounting and Reporting: the possibilities for an agreed structure, A report prepared at the request of the Accounting Standards Committee, ICAEW, 1981, Preface, p. 3.Google Scholar
  157. 157.
    Ibid., Chapter 6, passim.Google Scholar
  158. 158.
    Ibid., p. 52.Google Scholar
  159. 159.
    Ibid., p. 64.Google Scholar
  160. 160.
    Ibid., p. 91.Google Scholar
  161. 161.
    David Solomons, Guidelines for Financial Reporting Standards, A Paper Prepared for The Research Board of the Institute of Chartered Accountants in England and Wales and addressed to the Accounting Standards Committee, ICAEW, 1989, (the Solomons Report).Google Scholar
  162. 162.
    Edward Stamp, Corporate Reporting: Its Future Evolution, a research study published by the Canadian Institute of Chartered Accountants, 1980, (the Stamp Report), Ch. 1, para. 3.Google Scholar
  163. 163.
    The Corporate Report, paras. 2.22–2.31.Google Scholar
  164. 164.
    Stamp’s proposed user groups were as follows: shareholders, management, long and short-term creditors, analysts and advisers, employees, non-executive directors, customers, suppliers, industry groups, labour unions, government departments and ministers, the public, regulatory agencies, other companies, standard setters and academic researchers. See the Stamp Report, Table 1, p. 44.Google Scholar
  165. 165.
    Edward Stamp, ‘First steps towards a British conceptual framework’, Accountancy, March 1982, pp. 123–130.Google Scholar
  166. 166.
    Stamp’s qualitative criteria were ranked (from most important to least important) by the ASC members as follows (Ibid., Figure 2, p. 126): relevance, clarity, substance over form, timeliness, comparability, materiality, freedom from bias, objectivity, rationality, full disclosure, consistency, isomorphism, verifiability, cost/benefit effectiveness, non-arbitrariness, data availability, flexibility, uniformity, precision, conservatism.Google Scholar
  167. 167.
    The Stamp Report, Chapter 2.Google Scholar
  168. 168.
    Ibid., Chapter 12.Google Scholar
  169. 169.
    Ibid., para. 0.2.Google Scholar
  170. 170.
    Ibid., Chapter 8.Google Scholar
  171. 171.
    Ibid., paras. 1.1–1.20, passim.Google Scholar
  172. 172.
    Ibid., para. 3.6.Google Scholar
  173. 173.
    Ibid., para. 3.11.Google Scholar
  174. 174.
    The Corporate Report, paras. 2.2–2.8.Google Scholar
  175. 175.
    ICAS, Making Corporate Reports Valuable, para. 3.12.Google Scholar
  176. 176.
    Ibid., para. 6.36.Google Scholar
  177. 177.
  178. 178.
    Ibid., para. 6.24.Google Scholar
  179. 179.
    The Institute of Chartered Accountants of Scotland, Making Corporate Reports Valuable — The Literature Surveys, ICAS, 1988.Google Scholar
  180. 180.
    Ibid., p. 301.Google Scholar
  181. 181.
    ICAS, Making Corporate Reports Valuable, paras. 7.12–7.20, passim.Google Scholar
  182. 182.
    Ibid., para. 7.21.Google Scholar
  183. 183.
    Ibid., paras. 7.23–7.26, passim.Google Scholar
  184. 184.
    Ibid., paras. 7.27–7.32, passim.Google Scholar
  185. 185.
    Ibid., para. 7.35.Google Scholar
  186. 186.
    Ibid., para. 7.39.Google Scholar
  187. 187.
    Ibid., para. 5.44.Google Scholar
  188. 188.
    Ibid., para. 7.54.Google Scholar
  189. 189.
    ‘Melody plc’, ICAS, September 1990.Google Scholar
  190. 190.
    Report of the Review Committee under the chairmanship of Sir Ronald Dearing CB, The Making of Accounting Standards, September 1988, para. 7.2.Google Scholar
  191. 191.
    David Solomons, Guidelines for Financial Reporting Standards, p. 17.Google Scholar
  192. 192.
    Ibid., p. 18.Google Scholar
  193. 193.
  194. 194.
    Ibid., p. 20.Google Scholar
  195. 195.
    Ibid., p. 21.Google Scholar
  196. 196.
    Ibid., pp. 23–28.Google Scholar
  197. 197.
    Ibid., p. 43.Google Scholar
  198. 198.
    Ibid., pp. 51–52.Google Scholar
  199. 199.
    Ibid., p. 53.Google Scholar
  200. 200.
  201. 201.
    Ibid., p. 54.Google Scholar
  202. 202.
    Ibid., p. 55.Google Scholar
  203. 203.
    Ibid., p. 56.Google Scholar
  204. 204.
    Ibid., p. 63.Google Scholar
  205. 205.
    Ibid., p. 65.Google Scholar
  206. 206.
    Ibid., p. 69.Google Scholar
  207. 207.
    The Future Shape of Financial Reports, ICAEW/ICAS, 1991, para. 1–2.Google Scholar
  208. 208.
    Ibid., paras. 3–1 to 3–5.Google Scholar
  209. 209.
    Ibid., para. 4–3.Google Scholar
  210. 210.
    Foreword to Accounting Standards, ASB, 1991, para. 1.Google Scholar
  211. 211.
    The objective of financial statements, Exposure Draft of Chapter 1 of Statement of Principles, ASB, July 1991, para. 12.Google Scholar
  212. 212.
    Ibid., para 14.Google Scholar
  213. 213.
    Ibid., para 9.Google Scholar
  214. 214.
    Ibid., para 10.Google Scholar
  215. 215.
    The qualitative characteristics of financial information, Exposure Draft of Chapter 2 of Statement of Principles, ASB, July 1991, para. 23.Google Scholar
  216. 216.
    Ibid., para 26.Google Scholar
  217. 217.
    Ibid., paras. 34–37.Google Scholar
  218. 218.
    Ibid., para 38.Google Scholar
  219. 219.
    Ibid., para 39.Google Scholar
  220. 220.
    The elements of financial statements, Discussion Draft of Chapter 3 of Statement of Principles, ASB, July 1991, para 7.Google Scholar
  221. 221.
    Ibid., para 24.Google Scholar
  222. 222.
    Ibid., para 44.Google Scholar
  223. 223.
    Ibid., para 52.Google Scholar
  224. 224.
  225. 225.
    Ibid., para 59.Google Scholar
  226. 226.
    Ibid., para 63.Google Scholar
  227. 227.
    The recognition of items in financial statements, Discussion Draft of Chapter 4 of Statement of Principles, ASB, July 1992, para. 1.Google Scholar
  228. 228.
    Ibid., para. 4.Google Scholar
  229. 229.
    Ibid., para. 7.Google Scholar
  230. 230.
    Ibid., para. 9.Google Scholar
  231. 231.
    Ibid., para. 11.Google Scholar
  232. 232.
    Ibid., para. 17.Google Scholar
  233. 233.
    Ibid., para. 55.Google Scholar
  234. 234.
    Presentation of financial information, Exposure Draft of Chapter 6 of Statement of Principles, ASB, December 1991, para. 14.Google Scholar
  235. 235.
    The Institute of Chartered Accountants of Scotland, Making Corporate Reports Valuable, Kogan Page, 1988.Google Scholar
  236. 236.
    Framework for the Preparation and Presentation of Financial Statements, IASC, May 1988.Google Scholar
  237. 237.
    Framework for the Preparation and Presentation of Financial Statements, IASC, September 1989, para. 4.Google Scholar
  238. 238.
    Ibid., para. 2.Google Scholar
  239. 239.
    Ibid., para. 7.Google Scholar
  240. 240.
    Ibid., paras. 99–101.Google Scholar
  241. 241.
    Ibid., para. 95.Google Scholar
  242. 242.
    ASC Foreword to the IASC Framework for the Preparation and Presentation of Financial Statements, ASC, December 1989, paras. 3 and 4.Google Scholar
  243. 243.
    Preface to Statement of Principles, ASB, July 1991, para. iv.Google Scholar
  244. 244.
    CICA Handbook, General Accounting, Section 1000, Financial Statement Concepts, para. .01.Google Scholar
  245. 245.
    Ibid., para. .02.Google Scholar
  246. 246.
    SAC 1, Definition of the Reporting Entity, AARF and ASRB, August 1990, para. 40.Google Scholar
  247. 247.
    SAC 2, Objective of General Purpose Financial Reporting, AARF and ASRB, August 1990, para. 43.Google Scholar
  248. 248.
    Ibid., para. 44.Google Scholar
  249. 249.
    Ibid., para. 45.Google Scholar
  250. 250.
    SAC 3, Qualitative Characteristics of Financial Information, AARF and ASRB, August 1990, para. 48.Google Scholar
  251. 251.
    Ibid., para. 49.Google Scholar
  252. 252.
    New Zealand ED 59, Explanatory Foreword to General Purpose External Financial Reporting, NZSA, December 1991, para. 2.1.Google Scholar
  253. 253.
    Ibid., para. 3.2.Google Scholar
  254. 254.
    New Zealand ED 60, Concepts for General Purpose External Financial Reporting, NZSA, December 1991, para. 3.1.Google Scholar
  255. 255.
    Ibid., paras. 4.3 to 4.8.Google Scholar
  256. 256.
    Ibid., paras. 5.1 to 5.13.Google Scholar
  257. 257.
    Ibid., paras. 6.1 to 6.4.Google Scholar
  258. 258.
    Ibid., paras. 7.1 to 7.3 and 10.1 to 10.4.Google Scholar
  259. 259.
    New Zealand ED 62, Framework for Differential Reporting, NZSA, December 1991, para. 4.21.Google Scholar

Copyright information

© Ernst & Young 1992

Authors and Affiliations

  • Mike Davies
    • 1
  • Ron Paterson
    • 1
  • Allister Wilson
    • 1
  1. 1.Ernst & YoungUSA

Personalised recommendations