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In this essay,we wish to make a single,simple argument.That is,if in- formation problems are the primary root of the accounting problems,then modern information economics should be the center of accounting research.In making this argument,we first revisit the somewhat elementary accounting question of balance sheet versus income statement.Using the question as a spring-board,we retrace the rise of information economics in the accounting discipline.We then argue that to answer similarly posed questions,accounting theory needs a(modern)information-economics core with an extensive meas- urement structure building around it.Such an accounting theory,hopefully, connects with the existing framework of accounting practice at a fundamental level and ought to guide accounting research,education,and policy-making.
In this essay, we wish to make a single, simple argument.That is, if in formation problems are the primary root of the accounting problems, then modern information economics should be the center of accounting research.In making this argument, we first revisit the somewhat elementary accounting question of balance sheet versus income statement. Using the question as a spring-board, we retrace the rise of information economics in the accounting discipline.We then argue that to answer similarly posed questions, accounting theory needs a (modern information-economics core with an extensive meas- urement structure building it it. hopefully, connects with the existing framework of accounting practice at a fundamental level and ought to guide accounting research, education, and policy-making.