Accounting Standards: True Or False?
Taylor & Francis, 2006 - 230 страници
Following a spate of high-profile financial scandals (including Enron, WorldCom, and Parmalat), the quality of financial information has come under increasing scrutiny. Many of the accounting standards being imposed on the profession by regulators and standard-setting bodies are now attracting criticism from the business community and the accountancy profession itself.
In this book, Anthony Rayman traces a fundamental flaw in the conventional academic wisdom back to the nineteenth century, and proposes an alternative conceptual framework. He argues that effective corporate governance can be achieved, not by expensive and counterproductive regulations (like the US Sarbanes-Oxley Act and some International Accounting Standards), but by an enhanced accounting information system that exposes corporate management to the full rigour of market forces.
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the physical dimension
the value dimension
The inflation accounting debate
a convenient distraction?
Back to basics
The threshold of measurement
A segregated system of funds and value accounting
a question of public accountability
Reconstruction of the conceptual framework
Accounting truth and economic reality
Economic income the fatal flaw
The accountants rate of profit ARP and the internal rate
The present value fallacy a graphical representation