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WIKIBOOKS
DISPONIBILI
?????????

ART
- Great Painters
BUSINESS&LAW
- Accounting
- Fundamentals of Law
- Marketing
- Shorthand
CARS
- Concept Cars
GAMES&SPORT
- Videogames
- The World of Sports

COMPUTER TECHNOLOGY
- Blogs
- Free Software
- Google
- My Computer

- PHP Language and Applications
- Wikipedia
- Windows Vista

EDUCATION
- Education
LITERATURE
- Masterpieces of English Literature
LINGUISTICS
- American English

- English Dictionaries
- The English Language

MEDICINE
- Medical Emergencies
- The Theory of Memory
MUSIC&DANCE
- The Beatles
- Dances
- Microphones
- Musical Notation
- Music Instruments
SCIENCE
- Batteries
- Nanotechnology
LIFESTYLE
- Cosmetics
- Diets
- Vegetarianism and Veganism
TRADITIONS
- Christmas Traditions
NATURE
- Animals

- Fruits And Vegetables


ARTICLES IN THE BOOK

  1. Account
  2. Accountancy
  3. Accountant
  4. Accounting cycle
  5. Accounting equation
  6. Accounting methods
  7. Accounting reform
  8. Accounting software
  9. Accounts payable
  10. Accounts receivable
  11. Accrual
  12. Adjusted basis
  13. Adjusting entries
  14. Advertising
  15. Amortization
  16. Amortization schedule
  17. Annual report
  18. Appreciation
  19. Asset
  20. Assets turnover
  21. Audit
  22. Auditor's report
  23. Bad debt
  24. Balance
  25. Balance Sheet
  26. Banking
  27. Bank reconciliation
  28. Bankruptcy
  29. Big 4 accountancy firm
  30. Bond
  31. Bookkeeping
  32. Book value
  33. British qualified accountants
  34. Business
  35. Business process overhead
  36. Capital asset
  37. Capital goods
  38. Capital structure
  39. Cash
  40. Cash flow
  41. Cash flow statement
  42. Certified Management Accountant
  43. Certified Public Accountant
  44. Chartered Accountant
  45. Chartered Cost Accountant
  46. Chart of accounts
  47. Common stock
  48. Comprehensive income
  49. Consolidation
  50. Construction in Progress
  51. Corporation
  52. Cost
  53. Cost accounting
  54. Cost of goods sold
  55. Creative accounting
  56. Credit
  57. Creditor
  58. Creditworthiness
  59. Current assets
  60. Current liabilities
  61. Debentures
  62. Debits and Credits
  63. Debt
  64. Debtor
  65. Default
  66. Deferral
  67. Deferred tax
  68. Deficit
  69. Deloitte Touche Tohmatsu
  70. Depreciation
  71. Direct tax
  72. Dividend
  73. Double-entry bookkeeping system
  74. Earnings before interest and taxes
  75. Earnings Before Interest, Taxes and Depreciation
  76. Earnings before Interest, Taxes, Depreciation and Amortization
  77. Engagement Letter
  78. Equity
  79. Ernst a& Young
  80. Expense
  81. Fair market value
  82. FIFO and LIFO accounting
  83. Finance
  84. Financial accounting
  85. Financial audit
  86. Financial statements
  87. Financial transaction
  88. Fiscal year
  89. Fixed assets
  90. Fixed assets management
  91. Fixed Assets Register
  92. Forensic accounting
  93. Freight expense
  94. Fund Accounting
  95. Furniture
  96. General journal
  97. General ledger
  98. Generally Accepted Accounting Principles
  99. Going concern
  100. Goodwill
  101. Governmental accounting
  102. Gross income
  103. Gross margin
  104. Gross profit
  105. Gross sales
  106. Historical cost
  107. Hollywood accounting
  108. Imprest system
  109. Income
  110. Income tax
  111. Indirect tax
  112. Insurance
  113. Intangible asset
  114. Interest
  115. Internal Revenue Code
  116. International Accounting Standards
  117. Inventory
  118. Investment
  119. Invoice
  120. Itemized deduction
  121. KPMG
  122. Ledger
  123. Lender
  124. Leveraged buyout
  125. Liability
  126. Licence
  127. Lien
  128. Liquid asset
  129. Long-term assets
  130. Long-term liabilities
  131. Management accounting
  132. Matching principle
  133. Mortgage
  134. Net Income
  135. Net profit
  136. Notes to the Financial Statements
  137. Office equipment
  138. Operating cash flow
  139. Operating expense
  140. Operating expenses
  141. Ownership equity
  142. Patent
  143. Payroll
  144. Pay stub
  145. Petty cash
  146. Preferred stock
  147. PricewaterhouseCoopers
  148. Profit
  149. Profit and loss account
  150. Pro forma
  151. Purchase ledger
  152. Reserve
  153. Retained earnings
  154. Revaluation of fixed assets
  155. Revenue
  156. Revenue recognition
  157. Royalties
  158. Salary
  159. Sales ledger
  160. Sales tax
  161. Salvage value
  162. Shareholder
  163. Shareholder's equity
  164. Single-entry accounting system
  165. Spreadsheet
  166. Stakeholder
  167. Standard accounting practice
  168. Statement of retained earnings
  169. Stock
  170. Stockholders' deficit
  171. Stock option
  172. Stock split
  173. Sunk cost
  174. Suspense account
  175. Tax bracket
  176. Taxes
  177. Tax expense
  178. Throughput accounting
  179. Trade credit
  180. Treasury stock
  181. Trial balance
  182. UK generally accepted accounting principles
  183. United States
  184. Value added tax
  185. Value Based Accounting Standards and Principles
  186. Write-off
 



ACCOUNTING
This article is from:
http://en.wikipedia.org/wiki/Value_Based_Accounting_Standards_and_Principles

All text is available under the terms of the GNU Free Documentation License: http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License 

Value Based Accounting Standards and Principles

From Wikipedia, the free encyclopedia

 

Value Based Accounting proposes new principles and standards to be used in preparing financial statements for publicly traded companies. These principles and standards may, with modification, be used for private companies, and non-profits and governmental bodies.

Value Based Accounting has been used by accountants, businesses and the capital markets for many years but paradoxically has not yet been used for financial reporting. The foundation of value based accounting is the valuation which is the present value of net expected cash flows. Valuation is the dominant method supporting financial decisions such as shareholder investment decisions, management capital allocation decisions, pricing decisions, creditor decisions, or M&A decisions. It has been proposed as a financial reporting basis many times over the years but has taken a back seat to Generally Accepted Accounting Principles (GAAP) implementation.

There is one developed and complete valued based accounting model: Accounting For The Future. The text below refers to that implementation.

Basic objectives

Financial reporting should provide information that is:

• useful to management, creditors, regulators, and to present and potential investors in making rational financial decisions.

• helpful to management, creditors, regulators, and to present and potential investors in assessing the amounts, timing, and uncertainty of prospective cash receipts.

• about economic resources, the claims to those resources, and the changes in them.

Fundamental Qualities

To be useful and helpful to users, financial statements must be:

Relevant: relevant information makes a difference in a decision. It also helps users make predictions about past, present and future events (it has predictive value). Relevant information helps users confirm or correct prior expectations (it has feedback value). It must also be available on time, that is before decisions are made (it has timeliness).

Reliable: reliable information is verifiable (when independent auditors using the same methods get similar results), neutral (free from bias), and demonstrate representational faithfulness (what really happened or existed).

Comparable: information must be measured and reported in a similar manner for different enterprises (allows financial statements to be compared between different companies).

Consistent: the same accounting methods should be applied from period to period and all changes in methods should be well explained and justified (allows financial statements of the same company to be compared between different periods).

Complete: all components of value, including intangibles, must be accounted for. AFTF handles automatically incorporates intangibles since today’s intangibles are tomorrow’s cash flows. In contrast, GAAP is massively incomplete.

Basic Concepts

To achieve basic objectives and implement fundamental qualities AFTF has five basic assumptions, four basic principles, and four basic constraints.

Assumptions

Economic Value Assumption assumes that decisions are best supported by measures of economic value as measured by present values of expected cash flows. This contrasts with GAAP accounting measures which are often not economic values.

Entity Perspective assumes that value measures should be entity specific (from the viewpoint of the entity) as opposed to a cost basis, market or liquidation value or “Fair Value” as currently defined.

Going Concern Assumption assumes that the business will be in operation for a long time. This validates the use of present values of expected cash flows. Expected cash flows take into account all contingencies in proportion to their likelihood, including sale, merger, or liquidation.

Monetary Unit Assumption assumes that values can be relevantly measured in current monetary units. It is not necessary that the currency be stable or that inflation effects be negliible. The discount rate (cost of capital) automatically takes into account expected inflationary effect on dollar or inventory values for the specific entity. This supports economic valuation and enhances comparability.

Periodic Reporting Assumption assumes that the business operations can be recorded and separated into different periods (most common periods are months, quarters and years). This is required for comparison between present and past performance. AFTF supports periodic reporting but the progress and status of the entity reflects a more complete view. To this end the progress of a company is measured as value added, i.e., the change in value. This corresponds to a “balance sheet” definition of income. Unlike GAAP the AFTF income and balance sheet are meaningfully coordinated.

Principles

• The economic value perspective requires companies to account and report based on capital market values rather than acquisition costs or fair value for all assets and liabilities. This principle provides information that is relelevant and reliable (being subject to the AFTF Dual Validation disciplines).

• AFTF replaces the GAAP revenue recognition principle with the Recognition of Value. This is a two step process involving: first, the recognition of expected cash flows and, second, the measure of those cash flows as present values. Both expected cash flows and their measure are subject to strong AFTF disciplines that insure maximal representation and reliability.

• With AFTF matching is unnecessary. This avoids accounting allocations such as depreciation which are artificial and arbitrary. In fact there can be no accounting allocations with AFTF thus eliminating a major source of abuse and fraud. Since AFTF is purely prospective, there can be no prior period restatements. AFTF also eliminates the undesirable asset/liability asymmetry which distorts economic values and impaires decisions. For example, expected cash inflows are fully recognized, not capped at the level of expense, as with GAAP.

• The AFTF full disclosure principle states that any information reasonably expected to affect a shareholder decision must be incorporated into managements expected cash flows. There is no exception or escape clause.

Constraints

• Cost-benefit relationship states that the benefit of providing the financial information should also be weighed against the cost of providing it. AFTF unifies accounting so that the cost is spread. For example, management accounting is coordinated with AFTF financial reporting. In fact, AFTF is an outgrowth of management and shareholder decsion support systems. AFTF simplifies accounting so that cost are reduced. Benefits to users of fiancial information will result from the enhanced relevance and reliability that AFTF provides.

• Any information reasonably expected to affect a shareholder decisions is material.

• AFTF accounting applies the same principles, methods, procedures and measures for all industries. There are no Industry specific accounting procedures or measures. This maximizes comparability.

• While conservatism may forestall the occasional bankruptcy, it systematically destroys or hides information. This cannot support optimal decisions and prevents diversity from flourishing and natural selection from operating. This does far more damage than the occasional bankruptcy. There is no conservatism principle in AFTF. In fact, it is precluded by the use of expected values.

The Value Based Accounting Setting

Value Based Accounting has a long history of supporting financial decsions. It has its origins in the Austrian School of economics. For example, Eugene von Boehm-Bawerk wrote “Let us put the rule in general terms. Where goods permit of alternative methods of utilization and are capable of affording greater or lesser marginal utility in them, the use which has the highest marginal utility provides the measure of its economic value”. This is just as true today as it was 120 years ago. Whereas GAAP pays lip service to economic value, it does not support economic value with its measures, such as “fair value”. AFTF is based foursquare on economic value.

In modern times there have been efforts to introduce the value concept into accounting. Notable among these attempts has been Harvey Kapnick’s impassioned plea for the development of a value based accounting model. See VALUE-BASED ACCOUNTING EVOLUTION OR REVOLUTION by Harvey Kapnick, Chairman Arthur Andersen & Company, February 17, 1976 at: http://newman.baruch.cuny.edu/DIGITAL/saxe/saxe_1975/kapnick_76.htm

FASB has published useful studies on value based accounting measures (see The FASB Project on Present Value Based Measurements, An Analysis of Deliberations and Techniques, February 1996, 146 pages. See also Present Value Based Measuremnets in Accounting, December 1990, 133 pages). In April 2001 FASB published a Special Report, Business and Financial Reporting, Challenges from the New Economy: that report cites two proposed accounting models the undeveloped but copyrighted CICA Total Value Creation System and the more fully developed AFTF model. There are many other FASB publications examining issues of prospective accounting, intangibles, recognition and similar issues that relate to value based accounting.

In 1998, Humphrey Nash published the draft proposal Accounting For The Future (AFTF), which was designed “to facilitate, accelerate and formalize an accounting evolution already in progress.” This draft proposal outlined a complete value based accounting implementation with disciplines to insure relevance and reliability.

The draft proposal and related essays may be found at: http://home.sprintmail.com/~humphreynash/index.htm

Retrieved from "http://en.wikipedia.org/wiki/Value_Based_Accounting_Standards_and_Principles"
 

 

 

  

 

 


 

 
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