The Variable Costing Income Statement for External Reporting
John Simms
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The Variable Costing Income Statement for External Reporting

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Beginning in 1936, a conversation among academics,practitioners, and regulators took place as to whether absorption(full) costing or variable (direct) costing was the appropriatemethod of presenting the financial statements. Proponents of eachmethod were adamant and the theoretical debate raged intermittentlyuntil the early 1970s, when absorption costing won out as part ofU.S. Generally Accepted Accounting Principles. The question wasdivided into two non-exclusive possibilities: differences inutility of the information must arise from either the format or thecontent of the statements. This stu...