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- Title
Whither the Concept of Income?
- Authors
Saito, Shizuki; Fukui, Yoshitaka
- Abstract
Since the 1970s, the decision-usefulness has taken center stage and our attention has been concentrated on valuation of assets and liabilities instead of income measurement. The concept of income, once considered the gravitational center of accounting has lost its primacy and become a byproduct of the balance sheet derived from the measurement of assets and liabilities. However, we have not been equipped with robust conceptual foundation supporting theoretically reasoned accounting measurement. It is not only theoretically but also practically important to renew our seemingly waned interest in the concept of income because ongoing reforms of accounting standards cannot be successfully implemented without a sound understanding of the concept of income.
- Subjects
INCOME; ACCOUNTING; ASSET-liability management; NEOCLASSICAL school of economics; ASSET backed financing
- Publication
Accounting, Economics & Law, 2019, Vol 9, Issue 1, pN.PAG
- ISSN
2194-6051
- Publication type
Article
- DOI
10.1515/ael-2016-0013