How Might Standard Units of Value Be Defined?

Journal of Modern Accounting and Auditing, May 2019, Vol. 15, No. 5, 221-231 doi: 10.17265/1548-6583/2019.05.001

44 Pages Posted: 18 Oct 2019

See all articles by Shann Turnbull

Shann Turnbull

International Institute for Self-Governance; Sustainable Money Working Group; New Garden City Alliance

Date Written: May 1, 2019

Abstract

The research question of this article is how should the International Accounting Standards Board establish standard units of value? Economic value is a social construct that has no use if humans do not exist. The ability for humans to sustain themselves in perpetuity on our planet depends upon how well renewable and recyclable resources in each bioregion can support humanity. As each bioregion has different capacities different units of value are required if prices are to be useful for guiding the size and distribution of the global population between regions. As energy is fundamental for modern human wellbeing, and renewable sources vary by regions this provides a basis for creating sustainability indexes in each bioregion to tether bioregional currencies to promote circular economies. The Internet of Things provides a way to collect and calculate indexes automatically to establish a creditable stable and predicable relative index of value for all goods and services to remove the need for money to be a store of value or unit of account. Self-liquidating money would simplify money to only being a medium of exchange that could be created on a decentralised basis by users. Carbon trading and/or taxing could reduce, or be avoided.

Keywords: Accounting standards, Circular economy, Eternal prosperity, Exchange rates, Global population, IASB, Negative interest, Simplified money, Sustainability, Units of value

JEL Classification: A11, B41, D02, D30, D46, D6, E01, E42, E61, F02, F22, G12, H23, I31, O15, P16, Q34, Q43, Q5

Suggested Citation

Turnbull, Shann, How Might Standard Units of Value Be Defined? (May 1, 2019). Journal of Modern Accounting and Auditing, May 2019, Vol. 15, No. 5, 221-231 doi: 10.17265/1548-6583/2019.05.001 . Available at SSRN: https://ssrn.com/abstract=3429726

Shann Turnbull (Contact Author)

International Institute for Self-Governance ( email )

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Sustainable Money Working Group ( email )

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New Garden City Alliance ( email )

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