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        Financial accounting versus management accounting
　　
        Shareholders' wealth
　　The usual assumption in financial management for the private sector is that the primary financial objective of the company is to maximise shareholders' wealth.
　　Three possible methods for the valuation of a company:
　　(a)  Statement of financial position (balance sheet) valuation
　　Here assets will be valued on a going concern basis. Certainly, investors will look at a company's statement of financial position. If retained profits rise every year, the company will be a profitable one. Statement of financial position values are not a measure of 'market value', although retained profits might give some indication of what the company could pay as dividends to shareholders.
　　(b)  Break-up basis
　　This method of valuing a business is only of interest when the business is threatened with liquidation, or when its management is thinking about selling off individual assets to raise cash.
　　(c)  Market values
　　The market value is the price at which buyers and sellers will trade stocks and shares in a company. This is the method of valuation which is most relevant to the financial objectives of a company.
　　(i)  When shares are traded on a recognised stock market, such as the stock exchange, the market value of a company can be measured by the price at which shares are currently being traded.
　　(ii)  When shares are in a private company, and are not traded on any stock market, there is no easy way to measure their market value. Even so, the financial objective of these companies should be to maximise the wealth of their ordinary shareholders.
　　The wealth of the shareholders in a company comes from:
　　• Dividends received
　　• Market value of the shares
　　A shareholder's return on investment is obtained in the form of:
　　• Dividends received
　　• Capital gains from increases in the market value of their shares