Postulates for Localized Uniformity in Accounting.

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    • Abstract:
      This article develops general postulates that will help determine the appropriateness of accounting uniformity for a particular environment. The public's misunderstanding of financial reporting has been established by several studies. A public opinion survey conducted in 1948 by the Controllership Foundation, showed that 49 per cent of the persons sampled were unable to read or understand financial statements, while 40 per cent stated that they did not understand the terms used in the financial statements. Forty-five percent felt that the reported profits of corporations are deliberately understated.