Value-based accounting – challenge or utopia?
Value-based accounting – challenge or utopia?

Summary/Abstract: The measurement and valuation of economic phenomena is the central issue in financial and management accounting research and practice. The purpose of this paper is to consider the possibility of bridging the gap between financial and management accounting approaches to value and valuation. Karmańska [2009] argues that economic value measurement may be (potentially) a new accounting paradigm. This potential (not so obvious and, perhaps, impossible) paradigm – referred to under a working name of “value-based accounting” – should be able to unite financial and management accounting views on value. A framework of value statement is proposed and its potential issues for three accounting research paradigms (positivist, interpretive and critical) are considered.

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