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Assets in Accounting: Reality Lost

Williams, Sarah 2003, Assets in Accounting: Reality Lost, Accounting historians journal, vol. 30, no. 2, pp. 133-174.

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Title Assets in Accounting: Reality Lost
Author(s) Williams, Sarah
Journal name Accounting historians journal
Volume number 30
Issue number 2
Start page 133
End page 174
Publisher Academy of Accounting Historians
Place of publication Cleveland, Ohio
Publication date 2003-12
ISSN 0148-4184
Summary The aim of this paper is to trace changes in the definitional concept of assets in an attempt to discover why professional accounting bodies in the major English speaking countries have adopted the problematic abstract 'future benefit' notion, which is so far removed from the simple concept of assets as exchangeable things or rights. It is suggested that in the future financial reporting requirements for business entities include a statement of 'separably exchangeable property' and legal obligations at the reporting date.
Language eng
Field of Research 150103 Financial Accounting
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2003, Academy of Accounting Historians
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Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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