Financial statements and corporate accounts: the conceptual framework
Abstract
Purpose
The unique characteristics of property are being recognised by those who create accounting standards. The purpose of this paper it to discuss the process by which standards are created and the opportunities for the involvement of property professionals, owners and users within the standard‐setting regime. In particular the paper seeks to draw attention to the shift towards International Accounting Standards.
Design/methodology/approach
The paper is an explanation and discussion of the UK standard‐setting regime.
Findings
The paper explains the UK standard‐setting regime, introducing the shift towards International Accounting Standards.
Research limitations/implications
The work explains the ideologies and principles forming the theoretical foundations of the conceptual framework of UK accounting. Specific issues are not discussed, and are the subject of further work by the authors.
Practical implications
It is imperative for the surveying profession and wider property owners to be involved with the creation of accounting standards in order to ensure that property issues are reflected within them. This paper establishes the basic framework to assist them to do this.
Originality/value
Property professionals have traditionally tended to have been overlooked or ignored the consultation processes to establish new accounting standards. The paper establishes a platform to encourage them to become more involved.
Keywords
Citation
Eccles, T. and Holt, A. (2005), "Financial statements and corporate accounts: the conceptual framework", Property Management, Vol. 23 No. 5, pp. 374-387. https://doi.org/10.1108/02637470510631500
Publisher
:Emerald Group Publishing Limited
Copyright © 2005, Emerald Group Publishing Limited