ASOBATA Statement of Basic Accounting Theory
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ASOBAT not only defined accounting as a three phase process that identifies, measures, and communicates economic information that permits informed decisions by users, but also explicitly claimed (AAA, 1966, 1):
It is stated in ASOBAT (AAA 1966, 4 and 19) that one of the objectives of accounting is to provide information for "making decisions concerning the use of limited resources" and it continues, "accounting information is the chief means of reducing uncertainty under which external users act".