IASC recommends improving financial statements.
The steering committee said the proposals, when implemented, will make financial statements more comparable and make the information within them more accessible. The steering committee also said requirements within the new proposals were flexible and could be adapted to reflect the nature of each enterprise's operations.
The DSOP covers
* The definition and objective of financial statements.
* Concepts for presentation, including underlying assumptions, materiality and aggregation of information and the consistency of presentation.
* The selection, application and presentation of accounting policies.
* The structure and content of the balance sheet and income statement.
* The structure and content of notes to the financial statements.
Comments on the DSOP should be submitted in writing by June 30, 1995. Writers are asked to indicate whether they support the principles and guidance and, if not, to list the specific changes they propose, as well as any additional principles and guidance they consider necessary.
Copies of the DSOP are available for 95 each by writing to the IASC, 167 Fleet Street, London EC4A 2ES, England, or by calling the IASC at 011-44-71-353-0565.
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|Title Annotation:||International Accounting Standards Committee|
|Publication:||Journal of Accountancy|
|Article Type:||Brief Article|
|Date:||Jun 1, 1995|
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