Value in Accounting

4 April 2015
Examines concepts of valuation of a firm, historical costs, assets, types of accounting (price-level, replacement cost) and normative principles.

VALUE AND THE CONCEPTUAL FRAMEWORK OF ACCOUNTING
The concept of value is central to the objectives of accounting (Harper & Rose, 1993, p. 21). Nevertheless, defining exactly how value is to be determined remains a point of dispute among both accountants and the users of accounting information (Petree, 1993, p. 28; Aitken & Loftus, 1994, p. 1). Within such an environment, one issue raised is the value of continuing to pursue the development of a conceptual framework for accounting when the definition of a key concept–value–remains a point of dispute.

With respect to the valuation of the worth of a firm, one contention is that financial reports should provide prospective information to facilitate the assessment of the firm’s future (Walther, 1993, pp…

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