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IMA Journal of Management Mathematics 1991 3(1):13-24; doi:10.1093/imaman/3.1.13
© 1991 by Institute of Mathematics and its Applications
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An Inventory of Financially Coherent Accounting Systems

V. JHA and R. WILLETT

Department of Mathematics, Glasgow College, Cowcaddens Road Glasgow G4OBA, U.K.
Accounting Department, University College of Wales Aberystwyth SY23 3DB, U.K.

This paper distinguishes certain well-known accounting systems on the basis of five axioms characterizing their concept of capital maintenance. The structure of these ‘financially coherent accounting systems’ is reduced to a description in terms of simple diagrams called ‘double-edged chain graphs’. The resulting classification singles out essential properties of the functions which update the accounting measurements in balance sheets over time, and provides a framework within which to identify the specific mathematical forms such functions must take if they are to accord with the capital-maintenance assumptions found in accounting practice.


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