The Reporting of Income and Expense and the Choice of Measurement Bases
基于不对称谨慎和商业模式概念，区分增值型与价格变动型企业，主张前者用历史成本、后者用公允价值计量，并探讨经营收入报告及综合收益项目是否应后续重分类至损益。
SYNOPSIS: This paper contributes to the development of a “Conceptual Framework for Financial Reporting” as currently being undertaken by the International Accounting Standards Board (IASB). Building on the ideas of “asymmetric prudence” and the business model, it contrasts “value added” and “price change” businesses and argues that an entry price is appropriate for the operating assets of the former kind of business while a current market value is appropriate for the latter. It notes that both historical cost and current cost are entry values. While accepting that historical cost is likely to continue to be widely used, it questions whether the Conceptual Framework should preclude the use of current cost, and argues that if current cost is to be used, then the cost of consumption should be reported separately from holding gains and losses. The paper advocates the reporting of operating income, and discusses what items of income and expense should be reported in other comprehensive income rather than in profit or loss. It questions whether all such items should be “recycled” to the statement of profit or loss in a later accounting period.