De la diversité des pratiques comptables à l’objet de la comptabilité : le cas de l’air liquide (1902-1939)

Industrialization and the constant flow of technical innovation at the end of the nineteenth century significantly altered the structure of corporate balance sheets, in which assets became increasingly important. These changes in the technical environment resulted in a greater need for external sources of financing, and thus influenced the French accounting model on the rise in the early twentieth century. As a means of proof and surety, accounting increasingly became an instrument of information, in great part due to the introduction of new shareholders in the company. Furthermore, the absence of accounting standards created an element of freedom which, in turn, allowed a trade-off between self-financing and remuneration of shareholders. Asset valuation practices, in particular, made such trade-offs possible. The case study of L’Air Liquide from its creation to 1939 illustrates the challenges which emerged for the accounting system in the early twentieth century, and highlights the importance of asset valuation in this context. The study of the financial structure and accounting choices of this company reveals a close relationship between the accounting system and the evolution of capitalism.