... a conceptual framework; the establishment of a supervisory body to ensure compliance with accounting standards; the application of certain standards only to large companies; a full time paid ASC chairman; and the need for more resources. 3. The Stamp Report by Professor Edward Stamp 1980 Stamp devoted a considerable amount of effort towards discussing certain fundamental conceptual issues, these included the problems of allocation, income measurement, capital maintenance, as well as the issue of the proprietary versus the entity theory and the question of which he discussed. 4. The Macve Report by Proffessor Richard Macve 1981 His discussions centered around the problems that arise in determining profit net assets, and these he related to the difficulties involved in establishing what constitutes useful accounting information. He further highlighted the fact the variety of user needs and conflicts of interest between different parties were likely to cause disagreement as to what information financial statement should provide. ...

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