Income and value measurement

Abstract

Introduction. 1. Nature and Relationship of Income, Capital and Value The nature of income The nature of capital The relationship of income and capital The separate roles of valuation and capital maintenance The price-level problem, Capital maintenance and income Summary 2. The Income Measurement function Purposes and reasons for income measurement Criteria for income measurement Alternative income models The transactions basis 3. Economic Concepts of Income and Value Economic income as consumption Economic income as consumption plus saving ideal income Income ex ante Income ex post A comparative analysis Underlying assumptions of economic income Summary Economic income as an entity concept 4. The Traditional Accounting Concept of Income. Nature and purpose of accounting income The transactions basis The primary measurement principles The conventional wisdom of accounting The defence for traditional accounting income Arguments against traditional accounting income Accounting and economic incomes 5. Current Value Concepts of Income Introduction Arguments for current value income Arguments against current value income The alternative current vale models difficulties of current valuation Current values an price-level restatement 6. Current Entry Values and Business Income The case for entry values The concept of business income Business income in practice The treatment of holding gains as income Advantages and disadvantageous of replacement cost 7. Current Exit Values and Realizable Income 8 Mixed Value and Current Cost Income The case for exit values The concept of realizable income Realizable income in practice Business income and realizable income Holding gains as realizable income The case against realizable income . 9. Current Value Income and Economic Income 10. The Price-Level Problem The nature of the price-level problem General, specific and realistic price restatement Restatement of economic income Restatement of current value income Price-level restatement and current value accounting Advantages of price-level restatement The index problem The appropriateness of price-level restatement 11. The Validity of the Income Concept Introduction The elusive concept of income Differing concepts of income Flexibility of accounting principles The problem of subjective judgment Significant resource omission The meaning of income Information needs of investors and others An alternative to income Selected bibliography Index

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