Measurement Entering the 21st Century: A Clear or Blocked Road Ahead?
- 1 July 2000
- journal article
- Published by Wiley in Australian Accounting Review
- Vol. 10 (21) , 4-18
- https://doi.org/10.1111/j.1835-2561.2000.tb00058.x
Abstract
While progress has been made in rendering financial statements more relevant by the inclusion of current value information, a piecemeal standard‐by‐standard approach has resulted in a lack of consistency in the specification of the valuation bases. At the international level there is disagreement between standard‐ setters on a unifjing concept, with some advocating value to the entity and others favouring fair value. The IASC has a high‐level steering committee addressing the key issues related to financial performance and it will be interesting to see if it can facilitate the progressive swing to current value by providing a sensible framework within which to report value changes.Keywords
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