ABSTRACT
In its consultative document on ‘Setting Accounting Standards’, 1 the last two questions raised by the Accounting Standards Committee (‘ASC’) were:
7.1. Is it accepted that there is at present no single ‘model’ or ‘agreed conceptual framework’ which can be used as the touchstone for accounting standards?
7.2. Should the ASC encourage research into the possibility of finding an acceptable ‘model’?
