By recognising the dual purposes of financial accounting, and developing distinct theories to guide the preparation of financial reports, the apparent internal contradictions in accounting theory can be resolved. Property rights and measurement theory provide the basis for explaining...

The motivation for this paper is to evaluate the legacy of John B. Canning to financial accounting, particularly regarding his attempt to identify the qualitative, empirical property underlying the accounting elements for measurement of periodic profit. Canning's adaptation of Fisher's (1906)...