Why has accounting measurement  become an important issue in recent debate in financial reporting?

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Explain the meaning of –

  1. Historical cost accounting,
  2. Modified historical cost.
  3. Current purchasing power accounting.
  4. Current cost accounting.
  5. Continuously contemporary accounting.

 

SKU: Repo533962

Subject Learning Outcome for Question 1: be able to analyse the possible usefulness of alternative measurement systems to historical cost and  apply theoretical knowledge to analyse and synthesize complex issues in the accounting practice.

Question 1 – Report

Barth, M.E. (2014) Measurement in financial reporting: the need for concepts, Accounting

Horizons, (forthcoming); Rock Center for Corporate Governance at Stanford University

Working Paper No. 140. Available at SSRN:

  • http://ssrn.com/abstract=2235759 or
  • http://dx.doi.org/10.2139/ssrn.2235759

 

Write a critical comments report on the above article by focusing on the following points:

  • Why has accounting measurement  become an important issue in the recent debate in financial reporting?
  • Provide a critical analysis on why is one of most challenging components (accounting measurements) of the conceptual framework being jointly developed by the FASB and the IASB.
  • Compare and contract measurement choices, explain in your own words the impact of wrong choices of measurement for an organisation.

 

Subject Learning Outcome for Question 2 :Be able to critically analyse established knowledge of be able to analyse the possible usefulness of alternative measurement systems to historical cost;be able to critically appraise the objectives of accounting and relate them to the various concepts of accounting discussed in earlier subjects;

 

Question 2  – Report

Explain the meaning of ‘historical cost accounting,’ ‘modified historical cost.’ ‘current purchasing power accounting,’ ‘current cost accounting’ and ‘continuously contemporary accounting’ in your own words. Consider the case of valuation of roads and highways. Provide your opinion in regard to the best measurement method to measure the value of roads and highways.

 

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