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2017•Accounting Economics and Law - A ConviviumRequires access

The Role of Accounting and the Debate between Historical Cost and Fair Value

Vicki Wei Tang

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Abstract

Abstract This article argues that the debate between historical cost basis and fair value basis of accounting also rests upon one central question: what kinds of output do users want out of the accounting system: metrics to measure the long-run profit-generating ability or metrics to capture the short-run fluctuation in the estimated values of net assets?

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Abstract This article argues that the debate between historical cost basis and fair value basis of accounting also rests upon one central question: what kinds of output do users want out of the accounting system: metrics to measure the long-run profit-generating ability or metrics to capture the short-run fluctuation in the estimated values of net assets?

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Available abstract

Abstract This article argues that the debate between historical cost basis and fair value basis of accounting also rests upon one central question: what kinds of output do users want out of the accounting system: metrics to measure the long-run profit-generating ability or metrics to capture the short-run fluctuation in the estimated values of net assets?

Key concepts: Historical cost, Fair value, Value (mathematics), Economics, Accounting, Profit (economics), Cost accounting, Measure (data warehouse)

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