Rethinking the rules of financial accounting : examining the rules for proper reporting / Robert N. Anthony.

Format:

Book

Author/Creator:

Anthony, Robert N. (Robert Newton), 1916-2006.

Language:

English

Subjects (All):

Accounting.

Financial statements.

Physical Description:

vi, 233 pages ; 24 cm

Place of Publication:

New York : McGraw-Hill, [2004]

Summary:

Like any discipline, the foundations of financial accounting must be above reproach before the outcomes can be respected. Unfortunately, recent highly publicized scandals and resulting "restatements" have left the public with a decidedly negative viewpoint on the veracity of the numbers they read -- and given the mostly honest members of the profession, a black eye that will be difficult to erase. Difficult to erase, but not impossible. Rethinking the Rules of Financial Accounting examines every aspect of this profession that is so crucial to the health and wealth of our nation, and uncovers a few of those aspects that should be updated and changed to both reflect recent business practices and restore public trust. Written by Professor Robert Anthony, whose seminal textbooks have shaped the manner in which literally millions of financial accountants have learned and applied the skills of their profession. With one financial accounting scandal after another dominating today's business headlines, the time is long since past for review and revision of some of the basic tenets of this demanding discipline. Rethinking the Rules of Financial Accounting prescribes specific actions designed to finally bring financial accounting standards and practices in line with today's hyper-speed pace of change. Comprehensive in its scope and detailed in its recommendations, it promises to be as controversial as it is comprehensive -- and will shed much-needed light on an area that has remained in shadows for far too long.

Contents:

Recent Developments 9

Bubbles 13

Approach 17

Chapter 2 Criteria 19

Measurements in General 21

Measurement Concepts in Financial Accounting 32

Chapter 3 The Financial Position Statement 41

Recognition of Solvency in Other Countries 48

Defects of the Balance Sheet 49

The Solvency Statement 51

Arguments against a Solvency Statement 62

Chapter 4 The Income Statement 73

Equity Interest 73

Other Income Statement Problems 88

Chapter 5 Statement of Changes in Equity 99

Defects 106

Remedy 108

Chapter 6 The Cash Flow Statement 113

Defects 116

Remedies 121

Chapter 7 Nonprofit Accounting 125

Defects 132

Remedies 144

Chapter 8 State and Local Government Accounting 151

Defects 156

Remedies 168

Chapter 9 Implementation 177

Suggested Changes 177

Organizing the Review 183

Chapter 10 Federal Accounting Standards 193

Federal Accounting Standards Advisory Board 200

Causes of the FASAB's Failure 204

Suggested Actions 212

Chapter 11 Summary of Recommendations 217

Chapter 3: The Financial Position Statement 217

Chapter 4: The Income Statement 218

Chapter 5: Statements of Changes in Equity 218

Chapter 6: The Cash Flow Statement 218

Chapter 7: Nonprofit Accounting 218

Chapter 8: State and Local Government Accounting 219

Chapter 9: Implementation 219

Chapter 10: Federal Accounting Standards 220.

Notes:

Includes bibliographical references (pages 221-226) and index.

ISBN:

0071423877

OCLC:

51799614

Online:

Publisher description