SUMMARY
The general accounting IASB framework for preparing and presenting financial statements sets the reference accounting model based on the recoverable historical cost and on the concept of nominal financial capital maintenance.Going back to the regulations of the IAS, after recognition, a tangible asset can be measured and recorded in the accounts by choosing between two models – the model for determining the cost, and the revaluation model – following the permissiveness of the IAS. Accounting must be at the same time normative (regulatory), meaning what must be (see the norms), positive, meaning what is (see the specific practices) and constructive, what isn’t (see synchronic and diachronic). Standards are necessary to bring more uniformity in the accounting records. A global accounting requires rigid standards.