THE TWILIGHT OF INCOME MEASUREMENT: TWENTY-FIVE YEARS ON

The paper reviews events and trends since 1961, when the author incautiously forecast a possible decline in the importance of income measurement. He finds that little has changed in the intervening 25 years, and the forecast has not been borne out by events. Historical cost accounting has survived a...

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Published in:The Accounting historians journal 1987-04, Vol.14 (1), p.1-6
Main Author: Solomons, David
Format: Article
Language:English
Subjects:
Accountancy
Accounting methods
Accounting standards
Asset income
Cost accounting standards
Current cost accounting
Economic value
Historical cost accounting
Income statements
Income taxes
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creator Solomons, David
description The paper reviews events and trends since 1961, when the author incautiously forecast a possible decline in the importance of income measurement. He finds that little has changed in the intervening 25 years, and the forecast has not been borne out by events. Historical cost accounting has survived a period of serious inflation with hardly a dent. Earnings seem to be as important to financial analysts and to academic researchers as they ever were, and recent tax changes bring taxable income somewhat closer to accounting income than previously, thereby increasing the importance of the income concept rather than diminishing it.
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source JSTOR Archival Journals and Primary Sources Collection
subjects Accountancy
Accounting methods
Accounting standards
Asset income
Cost accounting standards
Current cost accounting
Economic value
Historical cost accounting
Income statements
Income taxes
title THE TWILIGHT OF INCOME MEASUREMENT: TWENTY-FIVE YEARS ON
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