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2009•Economic management journalRequires access

A Study on the Orientation of Accounting Standards and Its Impacts on Financial Accounting

Junhai Liu

Open publisher page 1 citations

Abstract

The US Generally Accepted Accounting Principles and the International Financial Reporting Standards differed dramatically from the traditional Historical Cost Accounting in the past twenty years.However,the Fair Value Accounting is only a set of financial analytical rules and it is not suitable for corporate accounting.Financial accounting must provide information to meet the needs of the business administration and economic regulation,so the objectives of financial accounting must be re-oriented as well.

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What this paper is about

The US Generally Accepted Accounting Principles and the International Financial Reporting Standards differed dramatically from the traditional Historical Cost Accounting in the past twenty years.However,the Fair Value Accounting is only a set of financial analytical rules and it is not suitable for corporate accounting.Financial accounting must provide information to meet the needs of the business administration and economic regulation,so the objectives of financial accounting must be re-oriented as well.

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Available abstract

The US Generally Accepted Accounting Principles and the International Financial Reporting Standards differed dramatically from the traditional Historical Cost Accounting in the past twenty years.However,the Fair Value Accounting is only a set of financial analytical rules and it is not suitable for corporate accounting.Financial accounting must provide information to meet the needs of the business administration and economic regulation,so the objectives of financial accounting must be re-oriented as well.

Key concepts: Mark-to-market accounting, Accounting, Financial accounting, Accounting standard, Accounting information system, Fair value, Positive accounting, Management accounting

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