Talk:Entity concept

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Separate Entity, or Single Entity?

This article is linked from the main Accountancy article, and I'm concerned that this article is talking about the wrong thing.

Separate Entity appears to be a different name for a company's separate legal personality. This is not an accounting concept, but rather a legal concept relating the limited liability of shareholders.

The accounting concept is "Single Entity" concept, ie that the directors of a company should be held accountable for all the resources that they control, not just the holding company. Unless anyone has a strong objection, I will rewrite this article accordingly later this month. AnthonyUK 16:18, 3 November 2007 (UTC)[reply]

Entity theory is from Paton 1922. The entity format for the balance sheet depicts corporations as institutions in their own right and shareholders as capital providers, rather than owners, listing all accounts on the right side as either a liability or equity. (Paton and Littleton 1940, 8) (Paton 1922; Paton and Littleton 1940) In the early 20th century, many balance sheets used the entity format. — Preceding unsigned comment added by 2601:646:200:E290:A118:7B00:41B5:9BFC (talk) 20:10, 6 August 2024 (UTC)[reply]

if this is about fasb's entity assumption, the code s/b cited — Preceding unsigned comment added by 2601:646:200:E290:A118:7B00:41B5:9BFC (talk) 20:12, 6 August 2024 (UTC)[reply]