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dc.contributor.advisorDelaney, Patricken_US
dc.contributor.authorBogner, Michelle L.en_US
dc.date.accessioned2016-02-26T20:56:41Z
dc.date.available2016-02-26T20:56:41Z
dc.date.issued1994
dc.identifier.urihttp://commons.lib.niu.edu/handle/10843/15844
dc.description.abstractThe Financial Accounting Standards Board has issued Statements of Financial Accounting Concepts to provide the objectives which financial reporting should comply with. As the economic environment and markets have changed, there has been some controversy over whether historical cost information complies with these objectives. This paper reviews the objectives and comes to the conclusion that historical cost is satisfactory for the present, but a change will probably be needed in the future. Several alternatives are discussed and a gradual change to a valuation basis is recommended. User and preparer opinions are discussed and the recommendations take into account their opposition to change. The main conclusion of the paper is that SFAC 1 basically says that financial reporting should provide users with the information they need and want. Historical cost information seems to be satisfactory now, but a move to supplemental information is also considered positive. Any change occurring in financial reporting will have to be implemented slowly and build on what users already understand.en_US
dc.format.extent16 pagesen_US
dc.language.isoen_USen_US
dc.publisherNorthern Illinois Universityen_US
dc.rightsNIU theses are protected by copyright. They may be viewed from Huskie Commons for any purpose, but reproduction or distribution in any format is prohibited without the written permission of the authors.en_US
dc.subjectaccountingen_US
dc.subjecthistorical financial statementsen_US
dc.subjectSFAC 1en_US
dc.titleDo Historical Cost Financial Statements Comply with the Objectives of SFAC 1?en_US
dc.type.genreDissertation/Thesisen_US
dc.typeTexten_US
dc.contributor.departmentDepartment of Accountancyen_US
dc.description.degreeB.S. (Bachelor of Science)en_US


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