Accounting For Value Stephen Penman Pdf Download
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The finance, however, is not the end of the matter; the fundamental issue of accounting is that it must tell the truth. No discipline will ever do this, because it is not clear how it could be done. Accounting is not a science because it does not derive from a clearly defined model and, in consequence, it is not falsifiable. Accounting is like a game of Hebe, without the possibility of having rules. A scientific approach has to wait until accounting derives from a scientific model. For this to happen, accounting has to shift its attention to the business model. The business model generates the outputs required by the firm, while accounting is set as a tool to measure the results of the model.
Penman shows that according to this model, the price-earnings ratio of a firm can be considered as its value-added per unit of output. This approach seems relevant only for firms with stable sales and earnings and for firms with highly predictable market conditions. This leads to the last chapter of the book, which focuses on the role of price-earnings ratio approach for the valuation of Italian firms.
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