The present article deals with a number of existing paradigms of the concepts and principles substantiating the elaboration and presentation of the financial reporting situations throughout the world. There are presented and commented the accounting postulates, principles, conventions and...

While he was managing partner and chair of Arthur Andersen in the l950s and 1960s, Leonard Spacek was an outspoken critic of public accounting, complaining about its failure to establish a coherent set of objectives for financial statements, its illogical principles and methods, and its...