Improving Accounting Reliability: Solvency, Insolvency, and Future Cash Flows

Improving Accounting Reliability: Solvency, Insolvency, and Future Cash Flows

Improving Accounting Reliability: Solvency, Insolvency, and Future Cash Flows

Improving Accounting Reliability: Solvency, Insolvency, and Future Cash Flows

Synopsis

The traditional model for financial statements is so unreliable, maintains Kirkegaard, that even the most meticulously prepared statement cannot give a true and fair view of the financial health of a business. Statements should be dynamic, current, complete, and comprehensible. Based on strong and well-founded criticism of the traditional accounting model, with its guiding concepts of "profit" and "owners' equity," Kirkegaard proposes a model that concentrates on a company's "solvency" or "insolvency" at a given time. With that, it becomes possible to employ modern information technology to predict future liquidity problems early on, thus helping to limit or prevent future losses. A challenging, provocative work for professional accountants and their academic colleagues.
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