Abstract
Financial accounting information is produced by many different types of organisation to meet a multitude of different needs throughout the world. Both communist and non-communist societies require and make use of information prepared from financial accounting records.1 Within a mixed economy which includes both public and privately owned enterprises (such as in the UK), some organisations will function on a profit oriented basis whilst others, including such diverse entities as schools, hospitals and religious bodies, will have different orientations.
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Notes and References
See, for example, R. W. Campbell, Accounting in Soviet Planning and management (Cambridge Mass.: Harvard University Press, 1963).
J. Boswell, The Rise and Decline of Small Firms (London: Allen and Unwin, 1973) particularly ch. 3.
R. B. Jack, ‘The Legal Aspects’, in Financial Reporting and Accounting Standards: Conference Papers (Glasgow: University of Glasgow, 1978) p. 65.
The Accounting Standards Steering Committee, The Corporate Report (London, 1975).
Ibid., p. 15 para. 1.5.
Ibid., p. 17 para. 1.8.
Ibid., p. 9 para. 0.2.
W. H. Beaver, ‘What should be the FASB’s Objectives?’, The Journal of Accountancy, vol. 36, August 1973, pp. 45–56. Reprinted in R. Bloom and P. T. Elgars (eds), Accounting Theory and Policy (New York: Harcourt Brace Jovanovich, 1981) p. 173.
There is, however, a school of thought which views developments in accounting theory from a scientific viewpoint. For a critical review of the scientific approach refer to K. V. Peasnell, ‘Statement of Accounting Theory and Theory Acceptance: A Review Article’, Accounting and Business Research, vol. 8, no. 31, Summer 1978, pp. 217–28. Reprinted in Bloom and Elgars, Accounting Theory and Policy, pp. 62–75.
R. G. May and G. L. Sundem, ‘Research for Accounting Policy: An Overview’, The Accounting Review, vol. 51, no. 4, Oct. 1976, pp. 747–63. Reprinted in Bloom and Elgars, Accounting Theory and Policy, pp. 2–19.
For a dissenting view, refer to D. Solomons, ‘The Politicization of Accounting’, The Journal of Accountancy, vol. 146, no. 5, Nov. 1978, pp. 65–72. Reprinted in Bloom and Elgars, Accounting Theory and Policy, pp. 141–51.
R. Macve, A Conceptual Framework for Financial Accounting Reporting: The Possibilities for an Agreed Structure (London: ICAEW, 1981).
Ibid., p. 17.
Ibid., p. 14.
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© 1985 Robin John Limmack
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Limmack, R.J. (1985). Users and Objectives of Financial Information. In: Financial Accounting and Reporting. Palgrave, London. https://doi.org/10.1007/978-1-349-17898-8_2
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DOI: https://doi.org/10.1007/978-1-349-17898-8_2
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