Although the title of the new book Baruch Lev has co-authored, “The End of Accounting,” provocatively suggests the finale of financial reporting as we know it, he cautions that he really isn’t calling for its absolute elimination.
“We don’t recommend getting rid of financial reports. Financial reports as an historical document will always be important. You need to have some kind of an historical perspective of the business,” Lev, a professor of accounting and finance at New York University’s Stern School of Business, acknowledged in an interview with CFO.
“There is some importance in knowing the past,” he adds. “I don’t completely disregard it. But it doesn’t give you linear information about what will happen in the future.”
Read the original article published on CFO.com (October, 2016) here. Please comment below to talk to the author, express your views or add to above topic.