Description
Essay Title
Historically, producing financial statements that users find useful has been a long-standing challenge around the world. To help meet this challenge the quality of the accounting standards that companies have to comply with has risen strongly since their introduction in the 1970’s. Despite this, there continues to be too many instances where published financial statements don’t help users get a reliable picture of what is happening in a business. A fair conclusion to reach from all this must be that finding the solution to this problem is not the responsibility of the accounting profession as it has done all it can reasonably do.
Critically evaluate this statement and reach a conclusion.
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