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The Role of Present Value‐based Measurement in General Purpose Financial Reporting
Author(s) -
HAMPTON GEORGE
Publication year - 1999
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.1999.tb00096.x
Subject(s) - accounting , financial statement , proposition , statement (logic) , context (archaeology) , value (mathematics) , financial accounting , conceptual framework , accounting information system , business , actuarial science , computer science , political science , sociology , epistemology , law , social science , paleontology , philosophy , audit , machine learning , biology
Accounting theorists have advocated different measures of the elements of general purpose financial reports. Australian accounting standards currently permit those elements to be measured in a number of ways. At present there is no Australian concepts statement dealing with the topic of measurement. This article examines the proposition that present value‐based measurement ought to be, in the context of the Australian conceptual framework, adopted as the “prefewed” conceptual basis of measurement.