ASOBATA Statement of Basic Accounting Theory
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Even though more than four decades have passed since ASOBAT I, it is still being debated by the FASB and the IASB.
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".