Abstract
Most prescriptive external accounting is based upon the notion of increased welfare, and all existing accounting theory is predicated upon the decision-usefulness criterion. This paper challenges the application of this criterion by demonstrating that it need not (as such theory implies) lead to enhanced welfare, and evidence is presented to support this. It presents instead a model for external accounting which is founded on an enriched model of welfare and is contingent on varying levels of societal environmental complexity.
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