This contribution reviews the search for "true north" in corporate financial
reporting, based on the book entitled Mark-to-Market Accounting: "True North" in
Financial Reporting by Schuetze and Wolnizer. Among other reasons, this book is
significant because the principal author's background is in practice rather than
academia. As suggested by its title, the main argument of the book is that corporate
financial reports can be improved and that the key to such improvement rests with
ensuring that they depict "economic reality".
Alexander, D.
and
Archer, S.
, (2003),
"On Economic Reality, Representational Faithfulness and the 'True and Fair Override"
', Accounting and Business Research, Vol.33,
No.1, pp.
3-17
.
2.
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, (1966), Accounting, Evaluation, and Economic
Behaviour,
Englewood Cliffs, NJ: Prentice Hall
.
3.
Dean, G.W.
and
Wells, M.C.
, (1984), The Case for Continuously Contemporary
Accounting,
New York, NY: Garland Publishing
.
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, (2002), Proposal for a Principles-Based Approach to US
Standard Setting,
Norwalk, CT: FASB
.
6.
Hines, R.D.
, (1991),
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of the Social World"
, Accounting, Organizations and Society, Vol.16,
No.4, pp.
313-331
.
7.
Lee, T.A.
, (1981),
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, Accounting and Business Research, Vol.12,
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.
8.
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, (1990),
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, Accounting, Business and Financial History, Vol.1,
No.1, pp.
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.
9.
Macintosh, N.B.
,
Shearer, T.
,
Thornton, D.B.
and
Welker, M.
, (2000),
"Accounting as Simulacrum and Hyperreality: Perspectives on Income and Capital"
, Accounting, Organizations and Society, Vol.25,
No.1, pp.
13-50
.
10.
MacNeal, K.F.
, (1939), Truth in Accounting,
Philadelphia, PA: University of Pennsylvania Press
.
11.
Mattessich, R.
, (2003),
"Accounting Representation and the Onion Model of Reality: A Comparison of
Baudrillard's Orders of Simulacra and His Hyperreality"
, Accounting, Organizations and Society, Vol.28,
No.5, pp.
443-470
.
12.
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and
Coe, T.L.
, (1978),
"Uniformity in Accounting: A Historical Perspective"
, Journal of Accountancy, August, pp.
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.
13.
Mouck, T.
, (2004),
"Institutional Reality, Financial Reporting, and the Rules of the Game"
, Accounting, Organizations and Society, Vol.29,
No.5-6, pp.
525-541
.
14.
Schipper, K.
, (2003),
"Principles-Based Accounting Standards"
, Accounting Horizons, Vol.17, No.1, pp.
61-72
.
15.
Schuetze, W.P.
and
Wolnizer, P.W.
(ed.), (2004), Mark-to-Market Accounting: "True North" in
Financial Reporting,
London: Routledge
.
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, (1995), The Construction of Social Reality,
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.
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.
