2005 Fiscal Year Final Research Report Summary
Modern Significances of the Concept of Profit and Reconstructions of Accounting Theory
| Project/Area Number |
15330092
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Accounting
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| Research Institution | Chuo University |
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Principal Investigator |
KITAMURA Keiko Chuo University, Faculty of Commerce, Professor, 商学部, 教授 (70055242)
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| Co-Investigator(Kenkyū-buntansha) |
SAWA Etuso Chuo University, Graduate School of International Accounting, Professor, 大学院・国際会計研究科, 教授 (00296740)
TOMIZUKA Yoshikazu Chuo University, Graduate School of International Accounting, Professor, 大学院・国際会計研究科, 教授 (10147001)
ISHIKAWA Tetsurou Chuo University, Faculty of Commerce, Professor, 商学部, 教授 (00147000)
ASAKURA Kazutoshi Chuo University, Faculty of Commerce, Professor, 商学部, 教授 (90231878)
SATOU Nobuhiko Meiji University, Graduate School of Professional Accountancy, Professor, 大学院・会計専門職研究科, 教授 (20225981)
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| Project Period (FY) |
2003 – 2005
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| Keywords | Profit / Financial Performance / Comprehensive Income / Financial Reporting / Cash Flow / Net Income / perating Income / Economic Income |
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| Research Abstract |
The objectives of this study are to clarify modern significances of the concept of profit which is the core of accounting information, to examine its usefulness, and to suggest a desirable concept of profit in reconstructing accounting theory in the future. The concept of profit has been examined from various points of view so far, and some authors might doubt why we treat the concept again. But it is necessary to clarify its significances because it is this time when the function expected for accounting is shifting from interest adjustment to decision making, and therefore this project is just our duty as accounting academics.
We have devoted ourselves to make a final report with discussing several issues among these study group members, based upon the findings we have already got during three years. This final report consists of four Parts. In Part 1 and 2, we examine the basic concepts of profit in IFRS, EU, U.S.A., the U.K., Australia and Japan, and in Part 3, we analyze the questionnaire to Japanese companies and summarize hearing findings concerning the concept of profit, comparing Japanese companies with foreign ones. Finally in Part 4, we discuss the concept of profit in relation to the concept of realization and asset at revenue recognition as modern task toward reconstructing accounting theory, and conclude this final report with suggesting necessity to let cash flow information coexist in the framework of accrual basis accounting.
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