The Problems of Accounting Standards

6 Pages Posted: 20 Oct 2012

Date Written: October 2012


The main purpose of company accounts is stewardship, so accounting standards based on ‘decision‐usefulness for investors’ are misconceived. And making the standards compulsory ‘Instructions’ rather than voluntary ‘Suggestions’ causes many additional problems. All we really need is the Companies Act requirement for accounts to show ‘a true and fair view’.

Keywords: acceptance, accuracy, comparability, expectations, judgement

Suggested Citation

Myddelton, D. R., The Problems of Accounting Standards (October 2012). Economic Affairs, Vol. 32, Issue 3, pp. 44-49, 2012, Available at SSRN: or

D. R. Myddelton (Contact Author)

Cranfield University ( email )

Bedfordshire MK43 OAL, MK43 0AL
United Kingdom

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