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March 18, 2026The Accounting Review

The 1948 Statement of Concepts and Standards.

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Authors

PMPerry Mason

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Overview

The committee reviews accounting concepts and standards, suggesting minor revisions for better clarity.

Key Points

  • The aim is to evaluate the 1948 Statement of Concepts and Standards for its contributions to accounting.
  • Assessment of proposals from the American Accounting Association's committee.
  • Evaluation of the organization of concepts and standards within the statement.
  • Discussion on the necessity for minority reports to reflect differing opinions.
  • Most propositions are valid and enhance corporate financial statements.
  • Material organization shows improvement by clearly distinguishing standards from basic concepts.
  • There is a call for an early revision incorporating broadly supported changes.

Cite This Study

Perry Mason (1950) studied this question.

synapsesocial.com/papers/69ba43984e9516ffd37a4f03https://doi.org/10.2308/tar-7064726
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Also Consider

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

  1. 1COMMENTS ON THIRD STATEMENT OF ACCOUNTING CONCEPTS AND STANDARDS.1949
  2. 2ANOTHER LOOK AT THE 1957 STATEMENT.1962
  3. 3CURRENT ASSETS AND CURRENT LIABILITIES.1952
  4. 4A CRITIQUE OF THE REVISED STATEMENT OF ACCOUNTING PRINCIPLES.1942
  5. 5REPORT OF THE COMMITTEE ON CONCEPTS AND STANDARDS--GENERAL.1964