Current Assets and Current Liabilities.

Abstract In the 1948 revision of the regulation "Accounting Concepts and Standards Underlying Corporate Financial Statements," importance is attached to adequate presentation and disclosure in financial statements as a requisite for the formation of judgments. For some time the Committee on Concepts and Standards of the American Accounting Association has been considering the general subject of classifications in financial statements, with the objective of amplifying the specifications of this suggested standard. Standards of the Committee on Accounting Concepts and Standards represent the reasoned judgment of at least two-thirds of its members. They are not official pronouncements of the American Accounting Association or of its Executive Committee. They shall not necessarily be viewed as stating rules of current professional conduct or procedure. Rather, they state objectives in the development of accounting principles. Some are intended to have immediate applicability, while others forecast the general direction in which accounting may develop.