The potential role of the funds statement in financial reporting

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Omega, 1988, vol. 16, issue 5, 405-419

Abstract: The analysis in this paper considers the potential role of the funds statement as the focus of financial reports providing both historic cost and current value information. The paper shows how a funds statement, based on the direct method of presentation widely advocated in recent accounting research, can both form the basis of an integrated approach to historic cost financial reporting and provide the necessary accrual accounting information for the preparation of current value income statements. The paper also argues that such a funds statement, employing an accrual rather than a cash-based definition of funds, provides the objective, transaction-based accounting information necessary for corporate performance evaluation.

Date: 1988
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