We found a match
Your institution may have access to this item. Find your institution then sign in to continue.
- Title
CONTROVERSIES ON THE CONSTRUCTION OF FINANCIAL STATEMENTS.
- Authors
Kemp, Patrick S.
- Abstract
This article focuses on controversies regarding the construction of financial statements. One of the primary areas of controversy revolves around a misunderstanding as to who should be expected to use financial statements or, stated differently, to whom the statements should be directed. Many people, both accountants and others, seem to be concerned with the notion that financial statements frequently are not clear and comprehensible to the "man on the street" or the uninformed layman. On the other hand, accountants certainly should strive to improve the usefulness of their statements to informed, qualified users. Such techniques as the use of charts and graphs to supplement conventional statements, the use of comparative statements, and the constant search for more meaningful accounting terminology serve as examples of this type of worthwhile endeavor. Equally clearly, the accounting profession has a concurrent duty to educate the public in the proper use of financial statements.
- Subjects
FINANCIAL statements; ACCOUNTING; CORPORATION reports; BUSINESS records; FAIR presentation; ACCOUNTING standards; OFF balance sheet financing; FINANCIAL disclosure
- Publication
Accounting Review, 1963, Vol 38, Issue 1, p126
- ISSN
0001-4826
- Publication type
Article