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Accounting theories and practices

Accounting theories and practices

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Published by daniel Sbstn

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Published by: daniel Sbstn on Aug 23, 2009
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11/03/2015

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A remedy for the defects in 'traditional' financial reporting that have
contributed to the many accounting scandals of recent years,
including Enron and WorldCom in the USA and HIH in Australia.
A response to perceptions that 'traditional' users of corporate annual
reports need new kinds of information which cannot readily be
incorporated in orthodox (conventional) financial statements,
including both quantified data, such as like-for-like sales growth, and
qualitative analysis, for example discussion of business risk.
A response to demands that other stakeholders in the entity, such as
employees and public interest groups, should be provided with
information relevant to their needs.
A way of providing information in new areas, such as environmental
impact and human capital management, for both traditional and new
categories of user.

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