A balance sheet approach versus an income statement approach to financial reporting

Loading...
Thumbnail Image

Authors

Koornhof, Carolina, 1959-

Journal Title

Journal ISSN

Volume Title

Publisher

Universidad de Pinar del Río "Hermanos Saíz Montes de Oca"

Abstract

In 1940 Paton and Littleton adopted two premises in their book "An Introduction to Corporate Accounting Standards" - first that periodic income determination was the central function of financial accounting and secondly that accounting was not in essence a valuation process but an allocation process ofhistorical costs and revenues to different periods. Thus the income statement approach to financial reporting was formally acknowledged, and the "buzz word" matching was developed.

Description

Keywords

Balance sheet, Income statement, Financial reporting, Financial accounting

Sustainable Development Goals

Citation

Koornhof, C. 1995, 'A balance sheet approach versus an income statement approach to financial reporting', Podium, vol. 4, no. 5, pp. 6-7.