Business, Management and Accounting
7 years ago

Corporate Accounting Revolutionizes Financial Transparency in Australia

Accounting Historians Journal
DEVELOPMENT OF CORPORATE ACCOUNTING IN AUSTRALIA1
Robert W. Gibson

Paper Summary

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The development of corporate accounting in Australia has gone through four phases. It started with setting minimum disclosure standards, then expanded to include income and consolidated statements. The accounting profession and others worked on improving disclosure details. Currently, the focus is on accounting measurement problems in financial statements, with efforts to create and enforce accounting standards. Changes have shifted from statutory demands to influences like the accounting profession.