Management

Accounting

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ost accounting professionals believe that all there is to be learned about asset accounting occurred in the introductory course on princi- ples of accounting. Therefore, although this subject can become quite complex, it has not been explored in the accounting literature.
In 1984 when the Federal Communications Commission (FCC) called for the rewriting of the uniform system of accounts for telephone companies, public utilities had not been following generally accepted accounting principles (GAAP) as outlined by the Financial Accounting Standards Board (FASB) and its predecessors, but instead used proce- dures that had been outlined in 1934 by the FCC. The team responsible for making recommendations on the rewriting of the system of ac- counts established a basic policy that what was to be recommended would comply with current GAAP.
The subcommittee responsible for reviewing and recommending procedures for property, plant, and equipment was frustrated by the lack of definitive information on accounting for assets. The primary sources are very limited. The Accounting Principles Board (APB) and the later FASB have been nearly silent on the subject beyond defining depreciation and historical costs

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Detail Information

Series Title

Accounting

Call Number

-

Publisher

USA : John Wiley and Sons, Inc., 2002

Collation

1-200

Language

English

ISBN/ISSN

-

Classification

NONE

Content Type

-

Media Type

-

Carrier Type

-

Edition

2nd Edition

Subject(s)

Accounting

Specific Detail Info

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Statement of Responsibility

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