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The development of value based accounting entails the twilight of conservative accountingand changes in basic paradigms of accounting. The balance sheet approach incontemporary accounting has resulted in the need for proper valuation of net assets andprovision of information on current benefits flowing from exploitation of capital.It is difficult to predict the ultimate shape of accounting of the 21 century, but – inthe author’s opinion – a qualitative change is now taking place in the basic function ofaccounting and in its principles and methods.
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bwmeta1.element.ceon.element-4e418feb-a8a4-3842-828d-b21ce7a115de