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- Title
Fixing Financial Reporting: Financial Statement Overhaul.
- Authors
Howell, Robert A.
- Abstract
The article discusses the need to overhaul the primary financial statements used in the U.S. The balance sheet, income statement, and statement of cash flows arose from an industrial era that bears diminishing relation to today's information-intensive economy. The income statement should emphasize cash earnings rather than profit, and should de-emphasize cost of goods sold. The balance sheet needs to include more capitalized intangible assets. The statement of cash flows should more clearly show cash being generated by operations.
- Subjects
UNITED States; FINANCIAL statements; ACCOUNTING; CASH flow; CORPORATE profits; COST of sales
- Publication
Financial Executive, 2002, Vol 18, Issue 2, p40
- ISSN
0895-4186
- Publication type
Article