Foreword (by Dr. Allister Wilson, Senior Technical Partner and Head of International Financial Reporting in the UK firm of Ernst & Young LLP) Introduction Part I: The Noble Art of Counting Beans 1. Stewardship reporting: the physical dimension 2. Business accounting 3. Performance reporting: the value dimension Part II: The Measurement of Income and Value 4. Economic income and accounting profit 5. The inflation accounting 'debate' 6. Historical cost or current value? Part III: A Theoretical Blind Alley 7. Value change: a wrong turning? 8. Asset valuation: a convenient distraction? 9. Fair value accounting: a dead end? Part IV: Back to Basics 10. What's wrong with investment theory? 11. The 'threshold of measurement' 12. The fatal conceit of managerial capitalism 13. What's wrong with accounting standards? Part V: The Segregation of Funds and Value 14. Financial performance and the investment rate 15. A segregated system of funds and value accounting 16. Management and the auditor: A question of public accountability Part VI: Truth in Accounting 17. Elimination of the expectation gap 18. Reconstruction of the conceptual framework 19. Accounting truth and economic reality Appendices A: 'Economic income': the fatal flaw B: The 'accountant's rate of profit' (ARP) and the 'internal rate of return' (IRR) C: The present value fallacy: a graphical representation D: The vital distinction between funds and value
Biography
Rayman, R.A.
'This is a thought-provoking book that challenges the current direction of accounting standards and proposes an interesting alternative. Its novel perspective on financial reporting provides a framework for debating some of the key contemporary issues facing the accountancy profession.' - Colin Drury
