The Failure To Define of the Mining Industry Accounting Objectives

IN accordance with the usual approach to a participation in a panel discussion, this paper is, in some respects, intentionally controversial. I would suggest, how-ever that there is more than a grain of truth in many of the comments made. Before dealing with a particular problem. It is appropriate to set out a few of the more significant objective of an: accounting system: (1) The provision of historical data <•concerning past events, for the information of shareholders, tax authorities, etc. This data can also be used as a tool to predict the future. (2) The provision of a record to safeguard the company's assets and to form the basis of any claim for insurance or other damages. (3) The provision of an accounting framework in making an economic study of a proposed course of future action such as the development of an orebody or the outlay of a substantial sum for new equipment. ( 4) The