Assets in accounting: reality lost.

From: Accounting Historians Journal | Date: December 1, 2003| Author: Williams, Sarah J. | Copyright information

Abstract: While the contemporary view of assets in accounting is of 'future economic benefits', the appropriateness of this definition for financial reporting purposes continues to be questioned. Samuelson [1996, p. 156] argued that assets should be defined as 'property rights' while Schuetze [1993, p. 69] proposed that assets should be defined simply as cash, claims to cash and items that could he sold separately for cash. These notions are not new. Up until the latter part of the...

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