Controversy Regarding Items Evaluated in Financial Statements (original) (raw)

Controversy Regarding Elements in the Financial Statements

2011

The definitions of the elements identify their main traits, but their purpose, the reason for their presence in the financial statements is ensured by meeting the recognition criteria.The current concerns of accounting regulatory organisms in setting and developing the elements and the common conceptual Framework have materialized by setting recognition criteria, that help to achieve a more accurate position of elements in the financial statements, thus creating credibility and relevance of the information contained within it. This study follows, by comparison, recognition criteria of elements presented in financial statements in various accounting referential meaning.

Accounting Theorys Elements, Structures, Conceptual Framework and Financial Reporting: A Conceptual Approach

International Journal of Advanced Research, 2020

This study discusses accounting theorys elements, structures and conceptual framework andit also emphasizes that accounting theory is only useful when exemplified.The purpose of this work is to understand the divergent interpretations many scholars havegiven to accounting theory, its elements, structures and conceptual framework.In pursuance of the foregoing objective, relevant research data were generated using internet sources, journal articles and literature reviews. The study revealed that accounting theorys elements, structure and conceptual framework are the basic foundations of financial reporting practice. This paper therefore, enjoins accountants and other financial experts to always exemplify the accounting theorys elements, structure and conceptual framework they have painstakingly studied and understood. The knowledge derived from this work will assist financial experts and corporate managers in tackling the various financial frauds that have bedeviled the corporate world.

Sanctity of the Accounting Theory: The Application of Theory in the Conceptual Framework of Financial Statements and Accounting Standards

INTERNATIONAL JOURNAL OF ACCOUNTING AND TAXATION

This paper challenges the notion that there are no deliberate systematic and logical theories of accounting and advances the duality theory of accounting inherent in the accounting equation as the basic accounting theory that provides the unifying taxonomy for the fundamental going concern theory and the other accounting theories applied in the conceptual framework of financial statements and accounting standards. The paper adopts the conceptual approach to show that the logical reasoning and meanings, inherent in the concepts and conventions that characterize the system of recording and analysis of accounting information, are governed by the duality theory embedded in the accounting equation.The paper shows that the accounting theory underlie the fundamental assumptions, principles, and conventions and that the conceptual framework of accounting and the standards are guided by several derivative theories such as the going concern theory, the capital maintenance theory, the revenue realization theory, the conservatism theory, and fair value theory.

LEGAL AND ACCOUNTING CONSIDERATIONS ON THE CONCEPT OF PATRIMONY

Laiu Maria, 2021

The concept of patrimony has many semantic values, as the notion of patrimony transcends time and undergoes connotative mutations. In the present study, we aim to analyze the concept of patrimony in an interdisciplinary approach, at the intersection of legal sciences with economic sciences. We aim to highlight the similarities and conceptual differences between legal patrimony and accounting patrimony. The research will be completed with an empirical experiment with the purpose of validating the research hypothesis on conceptual differences.

Theories of Accounting: Evolution & Developments, Income- Determination and Diversities in Use

Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome and the Corollary of Double Entry. Furthermore, it dives into the theories of Income Determination, garnishing it with areas of diversities in the use of Accounting Information while review of theories of recent growths and developments in Accounting are not left out. The method of research adopted is exploratory review of existing accounting literature. It is observed that the emergence of these theories exist to minimize fraud, errors, misappropriations and pilfering of Corporate assets. It is recommended that implementation prescriptions of these theories by International Financial Reporting Standard Committee and Practicing Accountants should be adhered to and simplified so as to avoid confusing and scandalous reporting of financial statements.

Accounting and Extra-accounting Information - Valences in Meeting the Financial Analysis

Procedia - Social and Behavioral Sciences, 2012

The purpose of this research is to provide pertinent findings to improve the relevance, accuracy and understanding of accounting and extra-accounting information, to be used by the financial analysts, aiming to be a starting point in research, without exhausting the subject. The objectives of this research focused on four main issues: general information about respondents, data regarding on the use of information, identification of financial statements used by respondents, information on financial analysis. We choose as primary data collection the method based on survey using a questionnaire sent by email.

Theories of Accounting: Evolution & Developments, Income-Determination and Diversities in Use

arXiv (Cornell University), 2014

Accounting frameworks follow stipulations of existing Accounting Theories. This exploratory research sets out to trace the evolution of accounting theories of Charge and Discharge Syndrome and the Corollary of Double Entry. Furthermore, it dives into the theories of Income Determination, garnishing it with areas of diversities in the use of Accounting Information while review of theories of recent growths and developments in Accounting are not left out. The method of research adopted is exploratory review of existing accounting literature. It is observed that the emergence of these theories exist to minimize fraud, errors, misappropriations and pilfering of Corporate assets. It is recommended that implementation prescriptions of these theories by International Financial Reporting Standard Committee and Practicing Accountants should be adhered to and simplified so as to avoid confusing and scandalous reporting of financial statements

The Relevance of Varieties of Accounting Information: A U.S.A. Survey

Abacus, 1984

Diverse kinds of financial information have been claimed to be relevant, for one purpose or another. A survey by mailed questionnaire over seven professional groups in five large U.S. cities sought to discover whether certain valuation rules yielded serviceable amounts in specific problem settings or in representations of financial position and income. Most of the questions were posed in the form of simple problem situations. To questions relating to wealth, spending power and financial position, large majority responses rejected conventional accounting values and endorsed market selling prices. To questions on income calculation, majorities favouring use of the same principle were smaller. Cross-tabulations of answers on financial position and income showed substantial inconsistencies; a hypothetical explanation is given. A comparison is given of responses to some questions in similar surveys in Australia and South Africa.