We first review all accounting standards issued from
1980 to 2002 and identify 19 accounting standards that
we classify as general purpose. This summary is provided
in Table 1.5 We define general purpose as those standards
that alter existing recognition practices and potentially affect
all firms. Of the pronouncements issued during this period
and classified as non-general purpose (and excluded
from consideration), the vast majority were industry-specific
(52 standards). The remaining standards not included
in our study addressed disclosure requirements only, clarified
existing standards, provided technical corrections, or
delayed effective dates