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March 18, 2026The Accounting Review

Report of the Committee on Concepts and Standards--General.

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Authors

ABAndrew BarrUniversity of LeedsHBHomer A. BlackFlorida State UniversityOGOscar S. GelleinUniversity of Denver

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Overview

Executive committee outlines essential accounting concepts for improving financial standards, suggesting clarity is needed.

Key Points

  • The report aims to identify critical accounting concepts that require further study and clarification for improved standards.
  • Review of existing accounting literature and practices
  • Discussion of six underlying accounting concepts
  • Consultation with task-groups on supplementary statements
  • Identified six key accounting concepts: business entity, matching concept, realization, materiality, consistency, and objectivity.
  • Emphasized the importance of clearly understanding these concepts in accounting practices.

Cite This Study

Barr et al. (1964) studied this question.

synapsesocial.com/papers/69ba42bc4e9516ffd37a351chttps://doi.org/10.2308/tar-7107140
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Also Consider

Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context:

  1. 1LIMITATIONS ON THE SIGNIFICANCE OF INVESTED COST.1952
  2. 2Committee on Concepts and Standards External Financial Reports.1975
  3. 3REPORT OF THE COMMITTEE ON COST CONCEPTS AND STANDARDS.1952
  4. 4THE 1948 STATEMENT OF CONCEPTS AND STANDARDS.1950
  5. 5REPORT OF THE 1957 PRESIDENT.1958