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p. 120Epiloguelocked

  • Christopher Nobes

Abstract

The ‘Epilogue’ takes an overview of accounting and considers some high level questions. How important has accounting been in the history of the world? It is clear that some sophisticated record-keeping system is necessary for larger and complex international organizations and double-entry bookkeeping serves well in this function, which is why it has gradually replaced other systems around the world. Can we rely on accounting? There are now fairly detailed rules on what to disclose and how to measure, plus monitoring and enforcement have been strengthened around the world. Did accounting cause the global financial crisis? Is financial reporting as good as it can get? And can we trust the auditors?

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