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Discuss the relationship between accounting choices made by management and the values reported in financial statements and the possible reasons why those choices are made.
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Discuss the relationship between accounting choices made by management and the values reported in financial statements and the possible reasons why those choices are made. Introduction The Age (17 May, 1988) reported that the true picture of Wormald's financial state was revealed by the accountants, Arthur Young. After a request by the National Companies and Securities Commission (NCSC) Arthur Young prepared a revised report, increasing the original loss of $54.8 million to a loss of $255.9 million. This, of course, raises the question of why there was a difference between the reports prepared by the Wormald management and those prepared by the accountants. Section 269(9) states that `the accounts are made out in accordance with applicable approved accounting standards and that, by so doing ensures the accounts give a true and fair view.' (Australian National Companies and Securities Legislation with State variations). It would appear that what constitutes a true and fair...
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