Creating The "Big Mess": A Marxist History Of American Accounting Theory, C.1900-1929
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1929 Stock Market Crash
A01=Rob Bryer
Accounting History
Accounting Theory
American Accounting Profession
American Economic History
Author_Rob Bryer
British Accounting Principles
Category=KCA
Category=KFC
Charles Ezra Sprague
Critical Accounting
Earnings Management
Economic Thought
eq_bestseller
eq_business-finance-law
eq_isMigrated=1
eq_isMigrated=2
eq_nobargain
eq_non-fiction
Henry Rand Hatfield
History of Capitalism
Irving Fisher
John Bennet Canning
Karl Marx
Lawless Decade
Neoclassical Economics
New Era
Roaring Twenties
Value Theory
William A Paton
Product details
- ISBN 9789811240386
- Publication Date: 02 Aug 2021
- Publisher: World Scientific Publishing Co Pte Ltd
- Publication City/Country: SG
- Product Form: Hardback
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Creating the "Big Mess" and its sequel Accounting for Crises use Marx's theory of capitalism to explain why there is no generally accepted theory of financial accounting, and explore the consequences, by studying the history of American accounting theory from c.1900 to 2007. The answer, Creating the "Big Mess", is first that while late-19th century British accounting principles, founded on the going-concern concept, provided an objective basis for holding management accountable to shareholders for its stewardship of capital, and were accepted by the nascent American profession, they are inchoate. Second, Irving Fisher's economic theory of accounting, based on the assertion that present value is the accountants' measurement ideal, which is subjective, framed early-20th century American accounting theory, which undermined British principles, making them incoherent. In an unregulated, pro-business environment, leading theorists, particularly Henry Rand Hatfield and William A. Paton, Jr., became authorities for management discretion, creating the "big mess" Hatfield saw in late-1920s American accounting. Accounting for Crises examines the roles of Fisher's theory in promoting the speculation leading to the 1929 Great Crash, aggravating the Great Depression, hindering accounting regulation from the 1930s, producing the Financial Accounting Standard Board's conceptual framework, and facilitating the 2007-2008 Global Financial Crisis.
