The Uncertainty of Standard of Value

Minhat, Marizah

Abstract

National Accountants Conference (NAC) 2005 recognised accountants as the ‘managers of value’. However, this recognition carries with it a huge responsibility once we comprehend the notion of ‘value. Have we ever wondered that the value of money, our measuring rod, is indeed unstable and hence undependable? Do we understand how the uncertainty in the value of money affects the value of balance sheet items and the destiny of the company we are managing? To my fellow financial planners, do we care enough that our client’s destiny is uncertain as much as the uncertainty in the value of our measuring rod? Despite the recurring incidence of its instability, a currency remains our standard of value. Given the reality of our circumstances, it is beyond reasonable doubt that managing value is indeed a task beyond the conventional capacity of accountants.

The full article can be viewed at this link: https://www.mia.org.my/v2/Membership/services/accountants_today_details.aspx?ID=118

Citation

Minhat, M. (2006). The Uncertainty of Standard of Value. Accountants Today, 19(2), 32-34

• Journal Article Type: Article
• Publication Date: Feb 1, 2006
• Deposit Date: Apr 18, 2019
• Journal: Accountants Today
• Print ISSN: 1394-1763
• Publisher: Malaysian Institute of Accountants
• Peer Reviewed: Not Peer Reviewed
• Volume: 19
• Issue: 2
• Pages: 32-34
• Keywords: Uncertainty, currency, value, accountants, Keynes
• Public URL: http://researchrepository.napier.ac.uk/Output/1738646
• Publisher URL: https://www.mia.org.my/v2/Membership/services/accountants_today_details.aspx?ID=118