Reflection on U.S. Financial Accounting Standards: Examining Whether They Help Provide Reasonable Financial Reporting

Author: (USA) Anthony (Anthony/R.N.) / Li Yong et al.
Publisher:
Publish Date: 2005-06-01
Features: "Most disciplines—physics, chemistry, economics, medicine, engineering, mathematics—have conceptual frameworks and a series of specific rules regarding their measurement scales. As times change, we occasionally need to review these conceptual frameworks and rules. This book focuses on the rules that need to be reexamined."—Excerpt from the Preface "By effectively combining historical perspectives with current headlines, Dr. Anthony describes how to repair the gaps in current accounting standards. Anyone preparing or using financial statements should read this book."—Philip D. Amyx, Vice President and Chief Auditor, General Electric "Dr. Anthony raises important questions about the measurement and reporting methods of corporate performance. Although some of his suggestions remain controversial, they are worth serious consideration by professional accountants and others concerned with corporate accounting responsibilities."—Charles Anderson, Former President of the Stanford Research Institute "When reevaluation becomes increasingly urgent, Professor Robert Anthony has presented us with serious yet insightful views on how to measure and report corporate economic activities, along with practical adjustment proposals. Reflections on U.S. Financial Accounting Standards deserves our serious attention and study."—Neil A. Harlan, Former Chairman and CEO of McCann Inc. This book examines every aspect of financial accounting, a field crucial to the order and wealth of nations, and elaborates on the necessary updates and adjustments. It proposes improvements and methods for the current financial reporting model, including the following:
● Current new developments and the urgency of financial accounting reform.
● Controversial concepts and standards that still exist and their proposed improvements.
● Summaries of the recommendations, listed by chapter for easy retrieval and interpretation.
With one financial scandal after another dominating the front pages of current business reports, we have long neglected to revisit and revise the fundamental principles of financial accounting. To keep financial accounting standards and practices in step with the times, Reflections on U.S. Financial Accounting Standards takes clear action. Its comprehensive research scope and detailed explanations will lead to broader debates on financial accounting issues, bringing sufficient light to areas long shrouded in shadows.