A claim is commonly made that cash flow and accrual accounting methods for valuing equities must always yield equivalent valuations. A recent paper by Lundholm and O'Keefe (2001), for example, claims that, because of this equivalence, there is nothing to be learned from empirical comparison of...

Why discuss accounting in Socio-Economic Review?’ ‘Because accounting constructs socio-economic reality.’ ‘How?!’ ‘Theoretically speaking, there should be many ways of doing “account-ing” — an act of explaining business realities to multiple stakeholders of socio-economies....