During the past five years, the number of US. citizens who own foreign securities has increased by thirty percent. This trend has led to the need for a uniform accounting system that would increase the comparability and consistency of financial statements across countries in the world Today, over I 00 countries have adopted International Financial Reporting Standards (!FRS) as their primary acc...

We review the historical and contemporary literature on the recognition issue. First, in a historical perspective, two debates stand out: historical cost as the basis for asset valuation and realization as the basic test for income determination. These debates are related to the recognition issue. Second, the economic foundations of the information content perspective are reviewed. The decision...

F OR ESTER S ROUTINELY ESTIM ATE THE economic potential of a standing forest resource as lumber. It is usual to consider the straightness and size of a tree to estimate gross recovery and the range of lumber products that might be produced. However, such estimates are usually subjective and depend on the knowledge and experience of the assessor. Several conversion modeling packages are availab...