J. Alex Milburn: Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities
A research paper reasoned from fundamental premises about economic business purposes, financial reporting objectives, and the role of markets and market prices.
The paper envisages profit-oriented (business) entities as processes for transforming market input values into market output values. This leads to the conclusion that market values should be expected to play a critical role in financial reporting measurement theory.
Please click to download Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities ( link to Canadian Institute of Chartered Accountants (CICA) website).