Auditors have been playing a role in establishing best practice through issuing guidance and briefing papers (see, for example, KPMG 2008; Deloitte 2009; Ernst and Young 2010). We recommend that accounting standard setters issue clear guidance on emission allowance accounting as soon as is ...
Unfortunately, financial reporting lagged behind investor needs, so reports continued to be prepared primarily for the needs of creditors.1 Not until the stock market crash of 1929 did shareholder investors begin to question whether accounting and reporting practices were adequate to assess investments....
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