Economic income, historical costing income and conservatism

Galassi, Giuseppe

doi:10.26784/issn.1886-1881.v17i2.395

Cited by 3 publications

(4 citation statements)

References 8 publications

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“…Specifically the appropriateness of historical values is as throwing light on the future prospects (Galassi 2020); in most cases, investor entities prefer recent rather than ancient data. In any case, past ex-post data, present data, ex-ante data are essential to predict 'relative uniformities' and trends for offering timely information and decision, followed by action.…”

Section: -Value Production 'System Of Values' and General Business Eq...mentioning

confidence: 99%

‘Going concern’ assumption and ‘liquidation’ assumption. The contribution of economia aziendale in historical perspective

Galassi¹

2023

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The focus of the paper is on the income orientation (versus capital orientation) that proved to be particularly relevant in Italy during the last one hundred years in conjunction with the monetary equilibrium, an axiom of economia aziendale which helps, still nowadays in times of transmodating dynamics, to face and solve many problems, included ‘on going’ and ‘abandon’ decisions. Furthermore, the aim of research is to draw attention to the large Italian literature, often internationally unknown, hoping it can contribute to the knowledge of accounting history in different Countries and cultures. Throughout one hundred years of economia aziendale it has not been possible to split various periods in which more emphasis is on the assumption of ‘going concern’ or on the assumption of ‘liquidation’, because the different Authors refer systematically and continuously to both hypotheses in a joint economic connection. The ‘going concern’ hypothesis is referred to every ‘economic unit’, azienda in Italian literature. The contemporary overall crisis involves accounting statutory regulations and standard setters, debating prospective conditions of concern continuity, which is the economic, financial, monetary, patrimonial and general synergic equilibrium, as well as the connected social, political, anthropological, environmental, sustainability aspects. The accent is on income flows magnitudes in order to ‘on going’ or ‘wave’ decision. In this way, also ‘money and credit’ dynamics is interpreted in the aspects of income production, the maintaining of ‘monetary equilibrium’, and the control of capital structure. In this regard the income concept, in different configurations, is a fundamental unavoidable construction, especially economic income, which tends to move the determination to decisions and implementing actions, also in most adverse situations, considering in the decision process all the variables which explicitly reflect the azienda, concern, in its unitary, dynamic, continuum system. Hence, the constant control over ‘production conditions’ and also ‘monetary equilibrium’, whose maintenance is through both suitable characteristic production operations and by appropriate financial-monetary operations as well.

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Section: -Value Production 'System Of Values' and General Business Eq...mentioning

confidence: 99%

‘Going concern’ assumption and ‘liquidation’ assumption. The contribution of economia aziendale in historical perspective

Galassi¹

2023

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“…This substitute for comprehensive ethical standards has been used by modern positivism and empirical research; they argue that market operations can be a welcome surrogate for a reliable ethical system. The ethical judgements behind market values include the satisfactory distribution of income and wealth, the sufficient knowledge of all participants, members of the society, and some degree of rationality (see extensively Raymond Chambers 1966;Galassi 2020). In other words, the market matches individual beliefs, values, aspirations, wealth and so on.…”

Section: Economia Aziendale Entity Economics Neoclassic Economics and Market Ethicsmentioning

confidence: 99%

“…In other words, we are quantifying definite existing beliefs about continuity and assuming that the future will follow somehow a predictable path. Decision makers may employ all kind of methodologies to express these beliefs and this may be better than such rough surrogates as 'accumulated necessary labor', 'prudent historical cost', or 'current market values'(for different valuation methodology see Galassi 2017Galassi , 2020.…”

Section: Capitalist Economics Socialist Economics and Value Identificationmentioning

confidence: 99%

‘Systems of values’, ‘ethical systems’, and sustainability. The economic social ‘entity’ values

Galassi¹

2021

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The paper aims to explore the relationships between 'ethical systems' and 'systems of values', offering also semantic and epistemological issues from which ethics cannot be divorced. Although ethics is a branch of philosophy that has its roots in ancient Greece, it experienced a remarkable revival in recent decades not only in philosophy but also in the social and applied sciences. And this deserves wider recognition and appreciation. A considerable amount of ethical thinking can be found in the current and previous literature of economia aziendale, entity economics, general economics, management, and social philosophy. Ethical principles are coextensive with principles of rational behavior and all ethics are contextual in the sense that surrounding circumstances, environmental conditions and situations are involved. The reference to science and mathematics for ethical arguments partially depends on methodology based on a postulated outside 'natural world' with statistical relative uniformities. Behavioral economists and management scientists prefer, as primitive foundations, scientific methods with their observations and prediction of economic and sociological relative regularities. The 'received view' that language itself conditions all aspects of reality includes now the topic that persuasion and rational arguments can support 'ethical systems'. Realization of common welfare is a prerequisite for establishing a 'master values system' and for meeting the 'specifics' which compose ethical principles. The historical research and anthropological analysis are necessary for constructing suitable 'system of values' for every entity, economic and not. The coordination of specific 'systems of values' and directives is a necessary condition for social welfare. Consequently, any society must compose every kind of conflicting 'values systems' and ends into a coherent framework. Neoclassic economics traditionally neglected 'environmental and social issues'. Different variations of environmental ethics have been developed; beyond many questions, there are the issues of cause and remedy of the global as well as local ecological crisis. To-day, in times of crisis and pandemia the market paradigm is exhausted, it does not meet the 'ethics of reciprocity'. In socialist economics exchanging goods at their 'socially necessary labor cost' would operate as a satisfactory surrogate. Also, entity economics does not completely escape the labor value identification of classical economics.

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“…The principle of historical cost is one of the accounting principles that the accounting theory still adheres to in the accounting measurement, and it is considered one of the most important principles on which the contemporary accounting model relies as a basis for evaluating each of the assets and liabilities (Yang, 2021), and (Galassi, 2020) believes that the principle of historical cost is based on several justifications, as it provides a large degree of objectivity in the measurement and the figures are comparable and facilitate the process of accurate verification of historical cost data and thus give a high degree of confidence in the accounting information. (Alexander & Fasiello, 2020) indicates that historical cost has continued to be used as a basis for measurement and recording due to its dependence on facts that have already occurred and are supported by documents and are not subject to differences in personal judgment and judgment, and are easy to verify, and are measured by the amount paid for them in cash or its equivalent at the time their occurrence.…”

Section: -Introductionmentioning

confidence: 99%

The effect of using fair value accounting in activating the Iraqi stock market (A field study on companies registered in the Iraqi market for financial markets)

Rahma¹,

Shibli²,

Salih³

2022

Proceedings of 2nd International Multi-Disciplinary Conference Theme: Integrated Sciences and Technologies, IMDC-IST 2021, 7-9

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The study aims to know the reflection of the application of fair value accounting on revitalizing the market and increasing its efficiency through the opinions of preparers, analysts, and users of financial information for companies listed on the Iraqi Stock Exchange. The research provided a framework of knowledge for the concept of fair value and its importance in the stock market based on the descriptive analytical approach by preparing a questionnaire prepared for this matter. Furthermore, A random sample was selected that includes a group of specialists in the aspects of financial analysis and investment, and the conclusion that was reached is the existence of a relationship of using fair value accounting by companies registered in the Iraqi Stock Exchange and increasing the market capitalization of the market.

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Economic income, historical costing income and conservatism

Cited by 3 publications

References 8 publications

‘Going concern’ assumption and ‘liquidation’ assumption. The contribution of economia aziendale in historical perspective

‘Going concern’ assumption and ‘liquidation’ assumption. The contribution of economia aziendale in historical perspective

‘Systems of values’, ‘ethical systems’, and sustainability. The economic social ‘entity’ values

The effect of using fair value accounting in activating the Iraqi stock market (A field study on companies registered in the Iraqi market for financial markets)

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