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- Title
Financial Information and the Securities Market.
- Authors
Chambers, R. J.
- Abstract
The article discusses the importance of financial statements on the securities market. Accounting has occasionally been described by its exponents as a language. The use of accounting summaries and of specific pieces of information contained in those summaries is so widespread that this communicative function of accounting has deserved much more critical attention than it has been given. The general position taken in this paper is that accounting is a language system, whatever else it may be. One class of the common understandings which ensure the viability of a society subsists in the customs and laws which are accepted as defining the rights and interests of individuals and the relationships between them. As self-interested actions may adversely affect the rights and interests of others, the general laws provide the members of a society with remedies or with the means of discovering whether grievances are remediable. The balancing of interpersonal rights and interests depends on one person being able to discover whether his specific rights and interests have been promoted or prejudiced by the actions of another.
- Subjects
FINANCIAL statements; FINANCIAL markets; ACCOUNTING; BUSINESS records; CORPORATION reports; COMMODITY exchanges
- Publication
Abacus, 1965, Vol 1, Issue 1, p3
- ISSN
0001-3072
- Publication type
Article
- DOI
10.1111/j.1467-6281.1965.tb00309.x