Chapter 30

Development of Accounting Standards

S.A. Zeff

Rice University, Houston, TX, USA


The history of the setting of accounting standards has centered mainly on the financial information that companies should provide to shareholders and to securities markets. Accounting standards are the norms of measurement that define the profitability of an enterprise, as shown in the income statement, and the amounts at which the assets and liabilities are carried in the balance sheet, and which is complemented by the cash flow statement. The standards encompass the financial disclosures ...

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