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