Accounting Theory: Historical Cost Measurement, Economic Reality, Accounting Reliability, Fair Values and Auditors' Role

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Added on 2022/11/13

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This article discusses the drawbacks of historical cost accounting, the importance of economic reality as a core principle of measurement in accounting, how economic reality is measured, accounting reliability, and the effect of fair values on the role and functions of auditors as well as the training of accounting students.

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Accounting Theory: Historical Cost Measurement, Economic Reality, Accounting Reliability, Fair Values and Auditors' Role

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