IDEAS home Printed from https://ideas.repec.org/a/bla/ausact/v3y1993i5p11-19.html
   My bibliography  Save this article

SAC 4: A Source Of Accounting Change

Author

Listed:
  • Bryan Howieson

Abstract

Despite its long gestation, the latest release in the Australian Accounting Research Foundation's conceptual framework, Statement of Accounting Concepts 4 Definition and Recognition of the Elements of Financial Statements (SAC 4), is poorly understood by many accountants. The statement specifies definitions for the elements which form the basis of the information in financial reports and sets out the criteria to be used in deciding when these elements should be recognised (reported) in the reports. Statements of accounting concepts do not attract the same direct legal force as AASB accounting standards. Nevertheless, this statement promises significant reforms to financial reporting. Because of its potential to create far‐reaching changes, it is essential that accounting professionals are familiar with its contents and application. This paper describes the structure of SAC 4, comments upon some of its important components and illustrates its operation and key features in the context of one element, “assets”.

Suggested Citation

  • Bryan Howieson, 1993. "SAC 4: A Source Of Accounting Change," Australian Accounting Review, CPA Australia, vol. 3(5), pages 11-19, May.
    • Handle: RePEc:bla:ausact:v:3:y:1993:i:5:p:11-19
    DOI: 10.1111/j.1835-2561.1993.tb00140.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1835-2561.1993.tb00140.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1835-2561.1993.tb00140.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Ian A. Langfield-Smith, 1992. "Comment: Insights And Arguments," Australian Accounting Review, CPA Australia, vol. 1(4), pages 11-14, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Janice A. Loftus, 2003. "The CF and Accounting Standards: The Persistence of Discrepancies," Abacus, Accounting Foundation, University of Sydney, vol. 39(3), pages 298-309, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Phil Hancock & Greg Tower & David Holloway, 1994. "Application Of The Reporting Entity Concept To Universities," Australian Accounting Review, CPA Australia, vol. 4(7), pages 60-71, May.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ausact:v:3:y:1993:i:5:p:11-19. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1035-6908 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.