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The optimization method of financial statements based on accounting management theory

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3 Author(s)
Hua Zhou ; Sch. of Bus., Renmin Univ. of China, Beijing, China ; Weida Kuang ; Yan Zhang

This paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be replaced by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.

Published in:

Management Science and Industrial Engineering (MSIE), 2011 International Conference on

Date of Conference:

8-11 Jan. 2011