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CAPITAL ACCOUNTING IN MUNICIPAL CORPORATIONS 1884‐1914: THEORY AND PRACTICE
Author(s) -
Coombs Hugh M.,
Edwards John Richard
Publication year - 1992
Publication title -
financial accountability and management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.661
H-Index - 44
eISSN - 1468-0408
pISSN - 0267-4424
DOI - 10.1111/j.1468-0408.1992.tb00437.x
Subject(s) - depreciation (economics) , constructive , accounting , criticism , economics , subject matter , power (physics) , subject (documents) , public economics , law and economics , political science , law , market economy , capital formation , human capital , financial capital , economic growth , physics , process (computing) , quantum mechanics , library science , computer science , curriculum , operating system
Municipal corporations wielded a vast amount of economic power throughout the period covered by this paper and, as a result, they were the subject of envy, suspicion and criticism. The question of whether depreciation should be charged could not be dismissed as a mere matter of book‐keeping. The inclusion of a charge involved the earmarking of an equivalent amount of money for future use, and the matter was therefore regarded as of fundamental importance for current levels of local taxation and long term financial stability. Public and private sector based accountants, municipal officers, town councillors, ratepayers and academics engaged in a debate which, although stirring strong emotions, was thoughtful, wide ranging and constructive. This paper examines the discourse and its outcomes.