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Article: The SEC rules historical cost accounting: 1934 to the 1970s
- Article from:
- Accounting and Business Research
- Article date:
- January 1, 2007
- Author:
CopyrightCopyright Wolters Kluwer (UK) Ltd. 2007. Provided by ProQuest LLC. (Hide copyright information)
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Abstract-From its founding in 1934 until 1972 the SEC, and especially its chief accountant, disapproved of most upward revaluations and general price-level restatements of fixed assets as well as depreciation charges based thereon. This article is a historical study of the evolution of the SEC's
policy on upward revaluations and restatements of non-financial assets. It treats episodes prior to 1972 when the private-sector bodies that established accounting principles sought to gain a degree of acceptance for such revaluations and restatements but were consistently rebuffed by the SEC. The SEC reversed its policy on upward revaluations during the period from 1972 to the end of the 1970s. ...
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Dictionary definition: historical-cost accounting
A Dictionary of Business and Management;
425 words
...historical-cost accounting A system of accounting ... that assets should be valued at historical cost . It is relaxed to some extent ... fixed assets . The advantages of historical-cost accounting are that it is relatively ...
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