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Financial accounting reform: the need for a 'back to basics' approach for profit measurement and wealth measurement

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  • John B. Ryan

Abstract

By recognising the dual purposes of financial accounting, and developing distinct theories to guide the preparation of financial reports, the apparent internal contradictions in accounting theory can be resolved. Property rights and measurement theory provide the basis for explaining transaction-based profit measurement and funds commitment, and for a statement of wealth measured using market prices. Property rights are recognised in The New Institutional Economics. Going beyond accepted accounting conventions, property rights provide the qualitative, empirical property giving meaning to accounting practice for profit measurement through the 1940s to 1960s. Examples of profit and of wealth measurement are included.

Suggested Citation

  • John B. Ryan, 2014. "Financial accounting reform: the need for a 'back to basics' approach for profit measurement and wealth measurement," International Journal of Economics and Accounting, Inderscience Enterprises Ltd, vol. 5(1), pages 1-50.
    • Handle: RePEc:ids:ijecac:v:5:y:2014:i:1:p:1-50
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    Cited by:

    1. Pantic, B., 2016. "Comparability of financial reports: A literature review of most recent studies," Working Papers 6451, Graduate School of Management, St. Petersburg State University.
    2. Thomas P. Kenworthy & W. Edward McMullan, 2018. "In consideration of entrepreneurship theory," Scientometrics, Springer;Akadémiai Kiadó, vol. 115(2), pages 767-783, May.

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