Théodore Limperg
During World War II within the Senate of the Municipal University of Amsterdam, he was one of the leading figures in the resistance against the Germans.
His son, the architect Koen Limperg, belonged to the resistance group that organised the attack on the Amsterdam Resident registration office in 1943.
Limperg married twice: In 1906 with Emma Altink (deceased in 1947), and in 1953 with Marguerite Isabelle Marie Goossens.
Besides Koen he had a son Theo, who was a lawyer and specialized in copyright law, and a daughter Emmy, first economics teacher and later lecturer in Wageningen.
He published a series of articles starting in 1905 in the newly established Accountancy journal about the future direction of the profession, and its requirements.
Limperg argued, that auditor reports should not only be prepared for direct clients, but for anyone who wants to take notice.
The auditor should be the 'vertrouwensman van het maatschappelijk verkeer'( can be translated as the 'steward on behalf of society') In 1905 he became editor-in-chief at the Accountancy journal.
In the same year these dissidents jointly founded the Nederlandsche Accountants-Vereeniging NAV (Dutch Accountants Institute).
Limperg was the standard bearer of the 'Amsterdam school' which aimed to develop a comprehensive and internally consistent theory of the business enterprise based on a few fundamental economic axioms.
Another, better picture of the value can be determined based on replacement costs; the price one would pay to produce or to purchase the item.
This idea didn't originate with Limperg: high inflation during and following the First World War had created awareness in many countries of the limitations of cost-based accounting.
The expenses to be deducted from sales revenue when determining profit should be based on the value of assets sold or used in production.
The criterion for profit distribution, according to Limperg, is that it should leave the productive capacity of the firm intact, as long as this is economically rational.
A consequence of this view is that value increases are not recognized as profit even when realized through sale or depreciation of the asset.
These increases remain part of an undistributable revaluation reserve as long as the firm expects to continue to replace the assets.
Limperg's ideas had a decisive influence on the method of cost calculation and determination of profit in several Dutch companies, including Philips until 1992.
IAS 16 Property, plant and equipment allows a choice between measurement at cost and at fair value.
The manifesto opposed the conservative politics promoted by the direct advisers to the government, and called for a more active economic policy.
After the Second World War Limperg took a seat in the Board of Trustees of the scientific department of the Nederlands Verbond van Vakverenigingen (Dutch Trade Union Confederation).
The Netherlands School of Commerce (now Erasmus University Rotterdam) awarded him an honorary doctorate in 1947.
