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Prospects: A Missing Piece of Current Selling Price Reporting

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  • PAUL ROSENFIELD

Abstract

This article seeks to provide insights about a conceptual objection to current selling price reporting: that, in its determination of asset amounts, such reporting ignores the reporting entity's prospects (potential, promise, outlook) for achievement of possession of or of access to consumer general purchasing power beyond its achievement to date of such possession or access. The article argues that financial reports should provide (a) information that is helpful to the users to evaluate the prospects of the reporting entity, including financial statement information based on current selling price reporting, (b) a section of the income statement presenting amounts spent during the reporting period to enhance the reporting entity's prospects, and (c) various kinds of supplementary information to aid the evaluations, such as the kinds discussed in this article.

Suggested Citation

  • Paul Rosenfield, 2008. "Prospects: A Missing Piece of Current Selling Price Reporting," Abacus, Accounting Foundation, University of Sydney, vol. 44(1), pages 48-60, March.
    • Handle: RePEc:bla:abacus:v:44:y:2008:i:1:p:48-60
    DOI: 10.1111/j.1467-6281.2007.00248.x
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    Cited by:

    1. Wally Smieliauskas & Russell Craig & Joel Amernic, 2008. "A Proposal to Replace ‘True and Fair View’ With ‘Acceptable Risk of Material Misstatement’," Abacus, Accounting Foundation, University of Sydney, vol. 44(3), pages 225-250, September.

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