IMPROVEMENTS IN ACCOUNTING

Press, Volume LXXXII, Issue 24814, 2 March 1946, Page 6

IMPROVEMENTS IN ACCOUNTING

ADDRESS TO CONVENTION The chief development in accounting last few years h & d bee n a marked improvement in the form in which published accounts were presented, said Mr G. L. Allard, when he spoke at the convention of the New ° OCle^y Q f Accountants, yesThe best modern practice had usually advanced voluntarily, and not as a result of statutory requirements, he said, although in some cases improvements had later received recognition by statute or regulation. “Statutory rules should not be too rigid and better results will be obtained if the form of accounts can be left to the judgment of the account? ants who draft them and the auditors who are called upon to express an opinion on their fairness." said Mr Allard. The Institute of Chartered Accountants in England and Wales, and the American Institute of Accountants had issued Opinions on the orincinles to be followed, and both bodies had made it clear that the form of accounts was a matter for the discretion of the directors of a particular comoany, and no standard forms or uniform practice could be laid down. With the backing of the recommendations, the auditors had greater opportunities of influencing improvements.