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Accounting for capital: the evolution of an idea / Christopher Nobesa.
// Accounting and Business Research. Volume 45, N4, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 413-441. The word ‘capital’ has many meanings, within and beyond business. In accounting, it was originally a credit concept but has many uses related to assets. In economics and tax, it has exclusively asset meanings. This paper investigates the development of the concept of capital, focussing on accounting and related disciplines, especially in the UK. Even as a credit term, ‘capital’ can be as narrow as original equity or wide enough to include debt. A credit/debit confusion can be seen in Pacioli s treatise and through to recent documents by standard setters. At various dates, amounts called ‘capital’ have been shown on different sides of the balance sheet. Capital maintenance is central to the measurement of income for various purposes. It was thrown off course in 1889 by a legal case which seems to have been influenced by the double-account system, which also had echoes in economics. However, the conventional accountants’ view was re-established in 1980 because of an EU Directive. Maintenance of capital (both credit and debit forms) was much discussed in the 1970s in a period of high inflation. The concept of equity began to become clear with the separation of provisions and reserves (in the 1940s) and when liabilities were defined (from the 1960s). However, accounting practice departs from the definition and it measures liabilities in various ways, so that there is still no clear concept of equity capital. A number of policy implications are set out in the paper.
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The role of accounting in the twenty-first century firm / Jerold L. Zimmermana.
// Accounting and Business Research. Volume 45, N4, 2015. London, Institute of Chartered Accountants in England and Wales] Abingdon, UK : Routledge, Taylor & Francis , 2015.pages 485-509. I explore the evolving role of accounting information in allocating capital. Accounting arose to control conflicts of interest in organizations (stewardship role). The industrial revolution spawned capital-intensive firms and public capital markets with dispersed shareholders to finance these firms. The regulation of these public capital markets shifted the role of accounting toward providing investors with information for making informed investment decisions (valuation role). With the advent of the semiconductor and global competition, emerging and public firms today differ from their predecessors in fundamental ways. Exploiting the information technologies created by the semiconductor, twenty-first century firms are now more knowledge based, have more intangible assets, are more reliant on their employees’ human capital, confront increased competition, and face diverse conflicts of interests and hence different challenges accessing capital than their forerunners. Responding to the demands of twenty-first century firms, private-equity (PE) markets provide a bundled service – capital and governance. To supply this bundle, PE firms require accounting information to control the conflicts of interest both within the PE firm (between the general and limited partners) and within their investees. Controlling these conflicts shifts the role of accounting back toward its original stewardship roots. The valuation role remains important, but there is little to value unless the conflicts of interest are first mitigated.
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