Accounting and valuation are so intertwined that valuation is really a matter of accounting; valuation involves accounting for value. Accordingly, a valuation is only as good as the accounting underlying it. How can one ask the question of what the price-earnings should be if the earnings are fuzzy? What is the meaning of price-to-book if book values are suspect? There is a question for both the investor and the accountant to answer: What is good accounting for valuation? Do International Financial Reporting Standards (IFRS) or U.S. GAAP fit the bill, or does the investor look for an alternative accounting for valuation?
Penman, Stephen. "Accounting for Value." The European Financial Review October/November (2011): 62-65.
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