Format:
1 online resource (241 pages)
Edition:
1st ed.
ISBN:
9780415377805
,
9781134183586
Content:
In his outstanding book, Anthony Rayman explains the failure of the conventional system of accounting and proposes an alternative system to promote the improvement of corporate governance in the market economy
Note:
Cover -- Half Title -- Title Page -- Copyright Page -- Dedication -- Table of Contents -- Foreword -- Introduction -- Competition and the 'Invisible Hand' -- The 'Kaldor Criterion' -- Economy with the Truth? -- The Nature of the Accounting System -- The Economic Consequences -- Back to Basics -- Plan of the Book -- Part I: The noble art of counting beans -- 1. Stewardship reporting: the physical dimension -- Record Keeping -- The Distinction between 'Stewardship' and 'Performance' -- 'Stewardship Reporting' on the 'Safekeeping' of Resources -- The Game of Business and the Myth of the Entrepreneur -- 2. Business accounting -- The 'Accounting Code' -- The Physical Dimension - Resource Accounting -- 3. Performance reporting: the value dimension -- Mediaeval 'Venture' Accounting -- Modern 'Periodic' Accounting -- Into a Blind Alley? -- Part II: The measurement of income and value -- 4. Economic income and accounting profit -- Income as Potential Consumption -- A Circular Argument? -- Income as Actual Consumption -- The Problem of Subjectivity -- The Accounting Ideal -- 5. The inflation accounting 'debate' -- The Irresistible Case for Inflation Accounting -- Inflation Accounting: the Basic Alternatives -- Inflation Accounting and Uk Accounting Standards -- The Nature of the Controversy -- The Treatment of Dissent -- 6. Historical cost or current value? -- Deprival Value: The ASB Formula -- Deprival Value: The Nineteenth-Century Original -- Deprival Value as a Guide to Economic Decisions -- The Two Versions Compared -- What's Wrong with the ASB Formula? -- Deprival Value as a Guide to Financial Performance -- Part III: A theoretical blind alley -- 7. Value change: a wrong turning? -- The Balance Sheet Perspective -- The Acid Test -- The 'Internal Rate of Return' (IRR) -- The 'Accountant's Rate of Profit' (ARP)
,
Segregated Funds Accounting -- Segregated Value Accounting -- Operation of the System -- 16. Management and the auditor: a question of public accountability -- The Ambiguity of the 'Hybrid' System of Accounting -- The Clarity of the 'Segregated' System of Accounting -- Value Accounts and the Auditor -- The Line of Demarcation -- Towards Truth in Accounting? -- Part VI: Truth in accounting -- 17. Elimination of the expectation gap -- What the Public has been Led to Expect -- What the Public Actually Gets -- The Nature of the Expectation Gap -- Elimination of the Expectation Gap -- 18. Reconstruction of the conceptual framework -- The Missed Opportunity -- A New Opportunity -- Stewardship Reporting and the Conceptual Framework Project -- Performance Reporting and the Conceptual Framework Project -- Regulation or Market Forces? -- 19. Accounting truth and economic reality -- Truth in Stewardship Reporting -- Truth in Performance Reporting -- 'The Investor Who ...' -- Corporate Governance: A Neo-Soviet Approach? -- What's Wrong with the Standard-Setting Process? -- Economic Democracy -- Appendix A: 'Economic income': the fatal flaw -- Illustration -- The Flaw in the Argument? -- The Relevance of Income -- Appendix B: The 'accountant's rate of profit' (ARP) and the 'internal rate of return' (IRR) -- The Internal Rate of Return (IRR) -- The Accountant's Rate of Profit (ARP) -- Appendix C: The present value fallacy: a graphical representation -- Investment Strategy in an Economic Utopia -- Appendix D: The vital distinction between funds and value -- Funds -- Non-funds assets -- Equities -- The Flow of Funds -- References -- Index
,
The Short-Run Importance of the Accounting Return -- 8. Asset valuation: a convenient distraction? -- Economy with the Truth? -- The Hidden Assumption: Perpetual Repetition -- Uncertainty and the Fallacy of 'Baxter's Bike' -- The Accountant's Contribution to the Trade Cycle -- The Accounting Incentive to 'Short-Termism' -- The Vested Intellectual Interests -- 9. Fair value accounting: a dead end? -- Accounting for Financial Instruments -- Fair Value Accounting and the Acid Test -- The Present Value Fallacy -- The Irrelevance of Value Change -- The Rival Concepts of Income -- Subjective Value and its Conversion into Objective Market Value -- The Significance of Market Value Changes -- Towards an Alternative -- Part IV: Back to basics -- 10. What's wrong with investment theory? -- Fisher's Nineteenth-Century Version -- The Modern Corruption -- The Flaw in the Modern Version of the 'NPV Decision Rule' -- The 'Single Investment' Fallacy -- 11. The 'threshold of measurement' -- The Threshold of Measurement for Financial Planning -- The Threshold of Measurement for Financial Reporting -- A Misguided Ideal? -- 12. The fatal conceit of managerial capitalism -- Altruism or Self-Interest? -- Information and Market Forces -- The Conceit of Managerial Capitalism -- 13. What's wrong with accounting standards? -- The Guiding Principle: A 'True and Fair View' -- Standards for Stewardship Reporting -- Standards for Performance Reporting -- The Verdict on Modern Accounting Standards -- Part V: The segregation of funds and value -- 14. Financial performance and the investment rate -- Information and Public Accountability -- Managerial Capitalism -- Disclosure of the Planned Investment Rate -- Revision of the Investment Rate -- Interpretation of the Value Accounts -- 15. A segregated system of funds and value accounting -- The Conventional 'Hybrid' System of Accounting
Additional Edition:
Print version Rayman, R. A. Accounting Standards: True or False? Oxford : Taylor & Francis Group,c2005 ISBN 9780415377805
Language:
English
Keywords:
Electronic books
URL:
FULL
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