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Worldwide Financial ReportingThe Development and Future of Accounting Standards$
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George J. Benston, Michael Bromwich, Robert E. Litan, and Alfred Wagenhofer

Print publication date: 2006

Print ISBN-13: 9780195305838

Published to Oxford Scholarship Online: February 2006

DOI: 10.1093/0195305833.001.0001

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 Why and How Audited Financial Accounting Statements Are Useful

 Why and How Audited Financial Accounting Statements Are Useful

(p.17) 2 Why and How Audited Financial Accounting Statements Are Useful
Worldwide Financial Reporting

George J. Benston (Contributor Webpage)

Michael Bromwich (Contributor Webpage)

Robert E. Litan (Contributor Webpage)

Alfred Wagenhofer (Contributor Webpage)

Oxford University Press

Investors, creditors, government officials, and others require information to evaluate companies’ economic position, performance, and prospects. This chapter examines the usefulness of financial accounting statements and their limitations in providing this information, particularly measures of economic values. The essential features of the traditional market-transaction, cost-based accounting system, and the benefits and costs of fair-value accounting and of audits and attestations by independent public accountants (IPAs) are described and evaluated.

Keywords:   investors information, creditors information, audited financial accounting data, market-transaction, cost-based accounting, economic values, fair-value accounting, audits, attestations, IPA, independent public accountants

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