Electronic commerce and third party initiated transactions: a conceptual exploration

For 500 years the model introduced by Pacioli has been the foundation forthe work of accountants. This model dominates the universal language oforganizations. Picioli's double entry system has provided the fundamentalstructure for recording economic events of interest to an entity that can beexpressed in monetary terms. In this article, the authors investigate whether thismodel is suboptimal in a world of electronic commerce.