Accounting for Managers

Paper Summary:

This paper discusses the view that it is impossible to satisfy the needs of different users with a single set of published accounts. The paper contends that without standards, users of financial statements would need to learn the accounting rules of each company and comparisons between companies would be difficult.

From the Paper:

"The Accounting Standards Board was working for some time to produce a definite Statement of Principles for financial reporting. The statement of Principles is a description of the fundamental approach that the ABS believes, should, in principle, underpin the financial statements of profit orientated entities. The Statement is intended to be a comprehensive and reasonably detailed description of that approach, and the approach itself is intended to be internally consistent, up to date and in line with the approached adopted elsewhere in the world. (ABS 1999)"

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