THE ORIGINS OF PRUDENCE IN ACCOUNTING |
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| Institution: | 1. Department of Anthropology, National Museum of Natural History, Smithsonian Institution, Washington, DC 20013-7012, USA;1. College of Chemical and Biological Engineering, Zhejiang University, Hangzhou 310027, Zhejiang, China;2. Key Laboratory of Biomass Chemical Engineering, Zhejiang University, Hangzhou 310027, Zhejiang, China;1. Department of Accounting and Finance, School of Economics and Management, University of Cyprus, Nicosia 1678, Cyprus;2. School of Business and Management, University of Central Lancashire (Cyprus), Pyla, Cyprus;1. Department of Computer Engineering, Sungkyunkwan University, Suwon, South Korea;2. Department of Computer Science and Technology, Tsinghua University, Beijing, China;1. IRCCS-AUSL of Reggio Emilia, Department of Public Health, Service for Health and Safety in the Workplace, Reggio Emilia 42122, Italy;2. Health Protection Agency Val Padana, Prevention of Infectious Disease Unit, Mantua, Italy;3. School of Medicine, University Vita-Salute San Raffaele, Milan, Italy |
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| Abstract: | The paper attempts to explain the historical reasons for the dominance of the prudence concept in financial accounting by tracing the history of its meaning up to the end of the nineteenth century. Prudent accounting represented the elaboration by the accounting profession of a distinctive competence@8ithe determination of distributable profit@8iwhich enabled it to appear as the ally and advisor of large investors and management against “speculators”, thereby ensuring an equal return for equal capital. Prudence was crucial to the accounting profession in regulating the social relations of capital |
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