Pub Date : 2018-09-02DOI: 10.1080/21552851.2018.1542230
G. Markarian
ABSTRACT Cardao-Pito and Ferreira do a marvellous job in putting Irving Fisher front and centre in the development of fair value accounting thought, expanding our understanding of one of history’s most respected economists. Fisher’s theories played an important role in defeating early socialists’ intellectual arguments, and yet US corporations of today pay as much tax as their foreign counterparts. The world has, voluntarily and democratically, become more Fisherian. The unwarranted one-sided criticism of Cardao-Pito and Ferreira of the current capitalist systems does little to diminish Irving Fisher’s stature as the first celebrity economist who had access to presidents and helped shape twentieth-century economic policy, including accounting.
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Pub Date : 2018-09-02DOI: 10.1080/21552851.2018.1528118
Like pipes in a wall crucial to having running water in a home, the informational infrastructure was nearly invisible. Use of information proved so routine, indeed mundane, that like using a faucet or bathroom fixtures, people did not think about it, because it was always present. It is information’s pervasive, embedded nature that perhaps accounts for why we [...] have not paid much attention to it. But now we should, because as happens, once a phenomenon is named or is made obvious, it becomes easier to optimize its use. (Cortada 2016)
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Pub Date : 2018-09-02DOI: 10.1080/21552851.2018.1542229
C. R. Baker
ABSTRACT This commentary argues that the question of fair value measurement is a non-issue from the standpoint of accounting standards setting, as well as for issuers and users of financial statements. In our view, fair value measurements only apply to a small number of accounts and to a small number of companies. In fact, over the past century we observe little interest on the part of companies, professional accountants and standards setters in applying fair value accounting measurements to general purpose financial statements over the last century. While Cardao-Pito and Ferreira make a good case that similarities exist between the work of Irving Fisher and accounting pronouncements pertaining to fair value, I contend that this is a coincidence.
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Pub Date : 2018-09-02DOI: 10.1080/21552851.2018.1545162
C. McWatters
Considered one of the most famous movie lines – perhaps given that Rick Blaine (Humphrey Bogart) delivers it when Ilsa Lund (Ingrid Bergman), his former flame, suddenly walks into his Café Américain in Casablanca. Rick’s comment is definitely more memorable than ‘what a coincidence’. For historians, the concept of coincidence generally has a negative connotation – an inadequate basis for the explanation of events. Hekster (2016, 217) notes that historians frequently link coincidence to ‘contingent circumstance’, ‘chance’ even ‘luck’. In this issue, we examine not ‘gin joints’ but the place of Irving Fisher in accounting. Yet we consider the broader theme as follows: Can we trace definitively the emergence of ideas and concepts to a particular place and time? Alternatively, for theories with a ‘history’, is it possible to confirm their provenance? When explaining the influence of Y on Z, do we leave open and admit the very real possibility that this influence results more from our interpretations versus what others would argue to be historical fact. It leaves open the space in which (seemingly) similar ideas emerge coincidentally in different places at different times, or perhaps re-emerge contingently as circumstances and events change. Researchers in cultural evolutionary theory have examined these issues in terms of how ‘cultural evolutionary processes can link spatial and temporal dynamics in producing predictable patterns’ (Müller and Winters 2018, 22). While the disciplines of economics and finance have not neglected Fisher, the debt owed to him in accounting has not had the same acknowledgement. Our focus is the possible link and contribution of his theoretical works to fair value accounting and by extension, financial reporting and standard setting. Cardao-Pito and Ferreira champion Fisher’s legacy and argue for greater recognition of his theory of economic and accounting value, market prices and capitalism. Garen Markarian and Charles Richard Baker provide alternative narratives, which both support and challenge these central themes. My position, as editor, has been one of constructive neutrality. The study by Cardao-Pito and Ferreira is rich in detail and evidence. At a basic level, it encourages us to re-visit our understandings of the origins of fair value accounting. The commentaries by Markarian and Baker motivate us to take these arguments with a blend of scepticism and enthusiasm, with Markarian offering more of the latter and Baker suggesting a healthy dose of the former. The three narratives offer three individual accounts yet not the entire account. It may be possible for us to accept some of what all the authors provide as evidence without accepting necessarily all of what they contend. As consumers of historical works, Evans reminds us as of the need to take conclusions as tentative:
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Pub Date : 2018-09-02DOI: 10.1080/21552851.2018.1545165
Tiago Cardao-Pito, João da Silva Ferreira
‘Fair value’ accounting is often taken for granted. Regulators and standard setters argue that fair value norms must be implemented due to market imperatives (Bhimani 2008; Young 2003, 2006; Young and Williams 2010). Several papers argue in its defence, and others against it, without discussing its origins and societal pathways. In many countries around the world, practitioners must follow fair value practices in accordance to regulations and standards issued by the IASB and FASB. However, although the historical origins of fair value should have been settled by now, they have not been settled yet. Our study (Cardao-Pito and Ferreira 2018) contributes to demystifying fair value accounting. We have shown that a parallelism exists between contemporary fair value accounting norms and Irving Fisher’s theoretical writings from more than a century ago (Fisher 1906, 1907). Moreover, we have demonstrated that fair value accounting is based upon a specific theory, not the demonstrated truth – a theory that is also highly influential in economics and related disciplines (Cardao-Pito 2016, 2017; Dimand and Geanakoplos 2005; Friedman 1994, 37; Markarian 2018; Tobin 1987, 2005). Thus, we wish to challenge the strange sense of academic, normative and practical authority that this fragile theory currently seems to have. It is by explaining its origins, concepts and foundations that we can expose this theory to the standard of scientific inquiry regularly faced by other theories. We are very grateful to Markarian (2018) and Baker (2018) who have served as referees to our study that has benefitted immensely from their learned advice. Likewise, we are very grateful to Cheryl McWatters, the editor, for allowing this important discussion to continue within the pages of Accounting History Review. Both Markarian and Baker find our study to be interesting, recognise the seriousness of our scholarship, and acknowledge the empirical connection between fair value and Fisher’s writings as identified. Thus, we have attained the key aims of our research, which pleases us very much. The Fisherian framework, fair value accounting and economics must not be taken for granted. Accounting has a very important role in organising our societal life and practice. We must not allow relevant theories to be under-researched or under-tested. Nonetheless, Baker (2018) and Markarian (2018) have some divergent opinions with respect to our conclusions, and significant differences between their respective arguments. Could we step aside, and allow them to exchange ideas and arguments, their conversation could bring important contributions not just to the accounting literature, but to economics, business, organisation and finance as well. The wealth of research questions that they raise can only be tackled eventually in future research. Besides some smaller divergences, Baker (2018) agrees with us in many respects. We highlight, for instance, our criticism about fair value accounting and our pro
公允价值会计常常被认为是理所当然的。监管机构和标准制定者认为，由于市场需求，必须实施公允价值规范(Bhimani 2008;Young 2003,2006;Young and Williams 2010)。一些论文为其辩护，另一些则反对，但没有讨论其起源和社会途径。在世界上许多国家，从业者必须按照IASB和FASB发布的法规和标准遵循公允价值实务。然而，公允价值的历史渊源虽然到目前为止应该得到解决，但至今仍未得到解决。我们的研究(Cardao-Pito and Ferreira 2018)有助于揭开公允价值会计的神秘面纱。我们已经表明，当代公允价值会计规范与一个多世纪前欧文·费雪(Irving Fisher)的理论著作之间存在平行关系(Fisher 1906, 1907)。此外，我们已经证明，公允价值会计是基于一个特定的理论，而不是证明的真理——一个在经济学和相关学科中也很有影响力的理论(Cardao-Pito 2016, 2017;diand and Geanakoplos 2005;Friedman 1994,37;马尔加良2018;托宾1987,2005)。因此，我们希望挑战这一脆弱理论目前似乎拥有的奇怪的学术、规范和实践权威感。正是通过解释它的起源、概念和基础，我们才能将这一理论暴露在其他理论经常面临的科学探究标准之下。我们非常感谢Markarian(2018)和Baker(2018)，他们作为我们研究的推荐人，我们从他们的博学的建议中受益匪浅。同样，我们非常感谢编辑谢丽尔·麦克沃特斯(Cheryl McWatters)，她允许在《会计历史评论》的页面上继续进行这一重要讨论。马卡里安和贝克都认为我们的研究很有趣，认识到我们学术研究的严肃性，并承认公允价值与费雪著作之间的实证联系。因此，我们已经达到了我们研究的主要目的，这让我们非常高兴。我们不能把费舍尔框架、公允价值会计和经济学视为理所当然。会计在组织我们的社会生活和实践中起着非常重要的作用。我们不能允许对相关理论的研究和检验不足。尽管如此，Baker(2018)和Markarian(2018)对我们的结论有一些不同的意见，他们各自的论点之间存在显著差异。如果我们能靠边站，允许他们交换想法和观点，他们的对话不仅会给会计文献带来重要贡献，也会给经济学、商业、组织和金融带来重要贡献。他们提出的大量研究问题最终只能在未来的研究中解决。除了一些较小的分歧，Baker(2018)在许多方面同意我们的观点。例如，我们强调了我们对公允价值会计的批评，以及我们的主张，即费雪的理论框架是规范性的，因为它倡导经济学和会计应该如何(196)。然而，他与我们的工作有根本的分歧。他提出了一种可能性，即费舍尔的著作与公允价值规范之间的联系可能只是一个巧合(192)，也可能是一种反常现象(198)。我们欢迎这一职位的晋升。几年来，许多研究人员否认或忽视费雪与会计文献的相关性
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Pub Date : 2018-07-26DOI: 10.1080/21552851.2018.1541000
Tiago Cardao-Pito, João da Silva Ferreira
ABSTRACT ‘Fair value’ accounting has been described as a new ‘actuarial/forward-looking’ phase of accounting regulations and standards. In this study, we present the hypothesis that ‘fair value’ regulations and standards are aligned with Irving Fisher’s theoretical writings (written more than a century ago) about economic and accounting value, and market prices. Through content analysis, we reveal a literal correspondence of Fisher’s writings to key fair value norms from the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB), such as the usage of alleged forecasts of future cash flows and discount rates in explaining market values and prices. Aligning with shareholders/owners interests, Fisher’s theoretical framework can be found in contemporary fair value accounting norms.
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Pub Date : 2018-05-04DOI: 10.1080/21552851.2018.1506553
C. McWatters
‘Why study the past? Those of us who pursue historical research or teach courses in history will not be lost for a response to this question. It is a question frequently posed to authors who submit manuscripts, re-phrased more pointedly as ‘why is your study of interest?’ At some stage, every researcher must respond with more than ‘because it is’. One might respond with citation counts, downloads and the ‘impact’ metrics that litter the research landscape as indicators of value and interest. On a more basic level, the response to ‘why history’ is dynamic as we confront and navigate the past. In his introduction to The Past is a Foreign Country – Revisited, David Leventhal (2015) discusses how the past became foreign, arguing that until recently – in historical terms – historians viewed the past as something ‘as though just then occurring (p. 6)’. As Leventhal notes, ‘the past ain’t what it used to be (p.9).’ Indeed, our own discipline and this journal bear witness to this truism. Nonetheless, where dynamism exists, there is also continuity. History may interface with other disciplines, adopt and adapt theories from areas of social science, dabble (or more than dabble) with Cliometrics, but it remains history. We can look to the many hyphenated histories, some of which have come and gone, been transformed or drifted in and out of fashion. Patrick Manning (2003) has expressed thoughtful optimism about history’s continuity amidst on-going debates, change and innovation. In this issue, we have studies which represent the diversity of our scholarship and the space for such diversity within our journal. In their examination of community building amidst the amalgamation of Milan and Corpi Santi, Enrico Guarini, Francesca Magli and Alberto Nobolo demonstrate how accounting change and innovation took place due to external forces but also underscore the role played by internal actors engaged in this institutionalisation process. When discussing this study with the author team, I suggested that they reflect on their conclusion. While I am not a huge proponent of ‘lessons for today’, it was a question that I asked them to contemplate. The final paragraph of their study encapsulates their response. Its emphasis on community building in light of efforts to restrict boundaries and borders is a thoughtful commentary and one which makes their study all the more relevant in current circumstances. In a very different study, Martin E. Persson and Stephan Fafatas bring renewed and welcome attention to the work of Harold C. Edey, thanks to a chance encounter in the archive, specifically Edey’s one-act play used to explore the issues of profit determination during periods of changing prices. The play is of interest on many levels from its treatment of on-going issues of accounting measurement, its innovative pedagogy, and as a reminder of how accounting theory and ‘big questions’ do matter – elements that appear lost in the current training of accounting (doctoral) stu
“为什么要研究过去?”我们这些从事历史研究或教授历史课程的人不会因为这个问题的回答而迷失方向。这是一个经常被提交手稿的作者问到的问题，更尖锐地改为“为什么你的研究让人感兴趣?”在某个阶段，每个研究人员的回答都不只是“因为它是”。有人可能会用引用数、下载量和“影响”指标来回应，这些指标是研究领域的价值和兴趣指标。在更基本的层面上，当我们面对和驾驭过去时，对“为什么历史”的回答是动态的。David Leventhal(2015)在他的《过去是一个外国——重访》的引言中讨论了过去是如何成为外国的，他认为直到最近，从历史的角度来看，历史学家将过去视为“好像刚刚发生的事情”(第6页)。正如利文塔尔所言，“过去已今非昔比”(第9页)。的确，我们自己的学科和这本杂志见证了这一真理。尽管如此，只要有活力，就会有连续性。历史可能与其他学科相结合，采用和调整社会科学领域的理论，涉猎(或不止涉猎)计量学，但它仍然是历史。我们可以看看许多交织在一起的历史，其中一些来了又走了，被改造了，或者流行了又过时。帕特里克·曼宁(Patrick Manning, 2003)在持续的辩论、变革和创新中，对历史的连续性表达了深思熟虑的乐观态度。在这一期中，我们的研究代表了我们学术的多样性，以及我们期刊中这种多样性的空间。Enrico Guarini、Francesca Magli和Alberto Nobolo对米兰和Corpi Santi合并期间的社区建设进行了研究，他们展示了会计变化和创新是如何由于外部力量而发生的，但也强调了参与这一制度化过程的内部行动者所发挥的作用。在与作者团队讨论这个研究时，我建议他们反思他们的结论。虽然我不是“今天的教训”的巨大支持者，但这是一个我要求他们思考的问题。他们研究的最后一段概括了他们的回答。它强调在限制边界和边界的努力下建立社区，这是一个深思熟虑的评论，使他们的研究在当前情况下更加相关。在另一项截然不同的研究中，马丁·佩尔松(Martin E. Persson)和斯蒂芬·法塔斯(Stephan fatatas)重新引起了人们对哈罗德·c·埃迪(Harold C. Edey)作品的关注，这要归功于在档案中的一次偶然相遇，特别是埃迪的独幕剧，该独幕剧用于探索价格变化期间的利润决定问题。这部剧在很多层面上都很有趣，从它对会计计量问题的处理，创新的教学法，以及提醒人们会计理论和“大问题”是如何起作用的——这些因素似乎在当前的会计(博士)学生培训中丢失了。这项研究得益于与Edey的同事和以前的学生的接触，使作者能够利用他们对Edey和会计思想发展的见解和观点，特别是关于第二次世界大战后伦敦政治经济学院在这一发展中的地位。
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Pub Date : 2018-05-04DOI: 10.1080/21552851.2018.1501399
Massimo Sargiacomo
ABSTRACT This study investigates the adoption of technological innovation, as well as the rise of accounting, management and organisational innovative practices in the luxury high-fashion industry, basing our analysis on the iconic brand Brioni. Grounded in the prior literature on the history of innovation and customisation, we develop a socio-technical analysis of the relocations, technology innovations and production transformations in 1959–1979. In this period – recalled by fashion historians as full of technical, production and process innovations – the company built a production-consumption chain organised around the strategy of demand-pull product customisation, by adopting and adapting technologies imported from elsewhere, and deployed by the work of hundreds of local tailors and seamstresses in tandem with external foreign trainers. We argue that the continuous ‘Art of Interessment’, which sustained technological, product and process innovations, was promoted by a team of ‘judiciously chosen Spokespersons’, who helped to translate company policy into practice, thus expanding production, controlling costs, reducing the manufacturing cycle and improving quality. The socio-technical investigation illustrates the pivotal role played by the rise and spread of innovative accounting and labour practices for customers of variable taste, size and geometry. In a related manner, the study highlights the building of a new architecture of performance management and quality information systems which, in tandem with changing accounting practices, helped to sustain Brioni's success across the observed two decades.
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Pub Date : 2018-05-04DOI: 10.1080/21552851.2018.1472899
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