- 滋賀大学経済学部研究年報 (ISSN:13411608)
- vol.3, pp.237-250, 1996
This paper discusses conceptual framework of financial reporting in the United Kingdom, focusing on the objective of financial statements and the qualitative characteristics of financial information. It picks up the following articles and discusses their features and problems firstly, The Corporate Report which Accounting Standards Steering Committee (ASSC) published as discussion paper in 1975,secondly, Guidelines for Financial Reporting Standards which David Solomons drafted and Accounting Standards Committee (ASC) published in 1989,thirdly, Statement of Principles which Accounting Standards Board (ASB) published as exposure draft in 1991,lastly, Statement of Principles for Financial Reporting which ASB published as revised versions of Statement of Principles in 1995. In all articles, the objective of financial statements is basically to provide information that is useful to a wide range of users for making economic decisions. In Statement of Principles for Financial Reporting (1995), also the objective includes providing information that is useful for assessing the stewardship of management. In the Corporate Report (1975), Statement of Principles (1991) and Statement of Principles for Financial Reporting (1995), users of financial information include investors, lenders, employees, suppliers, customers, government and the public. In Guidelines for Financial Reporting (1989), users include investors, lenders, employees and customers. But all articles focus on general purpose financial reporting that is useful in common to all users. The qualitative characteristics of financial information are mainly in common relevance and reliability in all articles. But the content of each characteristics is different. In the Corporate Report and Guidelines for Financial Reporting, each characteristics is merely listed in parallel. Statement of Principles indicates the elements of each characteristics in detail and expresses them schematically. Also Statement of Principles for Financial Reporting reviews the relation between each characteristics and classifies them clearly.