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CA2-3 (Objective of Financial Reporting) Homer Winslow and Jane
Alexander are discussing various aspects of the FASB’s concepts
statement on the objective of financial reporting. Homer indicates that
this pronouncement provides little, if any, guidance to the practicing
professional in resolving accounting controversies. He believes that
the statement provides such broad guidelines that it would be
impossible to apply the objective to present-day reporting problems.
Jane concedes this point but indicates that the objective is still needed
to provide a starting point for the FASB in helping to improve
financial reporting.
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