... driving force in the Valuation and Clean Surplus Accounting 721 analysis emanates from the separation of accounting for financial and operating activities within a clean surplus context This framework, ... Given accounting and value relations CSR, NIR, FAR, OAR, and PVR, unbiased accounting obtains if, and only if j] = Ef\ I R';Ef+T{Cf^T+t] or, equivalently 1as J Valuation and Clean Surplus Accounting ... difference between wealth distributed and wealth created: ,-fa, For any realized sequence of cash flows and financial assets (1) Valuation and Clean Surplus Accounting 697 t-]^t>u one next infers...