ABSTRACT
In its traditional role of stewardship reporting on the ‘safekeeping’ of resources, the conventional ‘hybrid’ accounting system is perfectly adequate. It ain’t broke, so there is no need to fix it. The system of recording funds flows as they occur provides a comprehensive record of a firm’s external transactions. The use of monetary symbols of volume according to the ‘accounting code’ is ideal for resource accounting. As long as it is implemented in accordance with traditional professional standards, the historical cost system is reliable for the detection of error or fraud.
