Using sector financial statements and ARMS data to prepare statements of owner equity and cash flows for the agricultural sector

Freddie L. Barnard and Dale W. Nordquist

Agricultural Finance Review, 2012, vol. 72, issue 2, 273-285

Abstract: Purpose - The purpose of this paper is to discuss the feasibility of preparing a statement of owner equity (SOE) and statement of cash flows (SOCF) for the agricultural sector. Also, the use of the Agricultural Resource Management Survey (ARMS) to collect data needed to supplement the US farm sector accounts to prepare a sector SOE and SOCF is discussed. Design/methodology/approach - An SOE and SOCF for an individual producer was used to provide an example format for preparing an SOE and SOCF for the agricultural sector and to identify the data needed from the ARMS survey to supplement farm sector accounts. Findings - The format and data needed to prepare a sector SOE and SOCF were identified and the feasibility of the collection of that data using current ERS/USDA survey collection methods would provide the data needed to prepare the statements. However, the use of two independent data collection authorities to collect the data would result in an agricultural sector SOE and SOCF that would not reconcile. Originality/value - The paper initiates a dialog of possible alternatives available to the ERS/USDA and researchers concerning data needed and data sources available to prepare an agricultural sector SOE and SOCF, as well as the shortfalls and inaccuracies that would result.

Keywords: Statement of owner equity; Statement of cash flows; Farm sector; Equity reconciliation; Cash reconciliation; Retained earnings; Valuation equity; Agriculture; United States of America; Farms (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:afrpps:v:72:y:2012:i:2:p:273-285

DOI: 10.1108/00021461211250500

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